9911796707
TMI Blog2020 (3) TMI 1358X X X X Extracts X X X X X X X X Extracts X X X X ..... sought to be offered as security in aid of Arbitration. She submits that there is a Government Notification dated 16.05.2017 issued by Government of NCT of Delhi which has changed the status of the said property from "agricultural land" to "urban area / urbanised area". She further submits that the Arbitrator has failed to take into consideration that in furtherance of the said Notification, the Ministry of Housing and Urban Affairs (Delhi Division) has issued a Notification dated 11.10.2018, pursuant to which the property being offered now comes under Land Pooling Policy, under "R-Zone", that is, Residential Zone Category / Entitlement. 3. She also relies on a judgment of a Division Bench of this Court in the case of L.G. Electronic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inciples propounded by the Hon'ble Supreme Court, for determination of the value of the property. The mechanical approach of the Collector only to follow the circle rate is hereby deprecated." 4. Ms. Dhir further submits that had the Arbitrator given them some more time, the relevant documents could have been produced before the Arbitrator and the appellant may have been successful in satisfying that the property was correctly valued. She also submits that since the Valuation report was by a Government Valuer, the impression of the appellant was that the Arbitrator would not doubt or dispute the valuation. 5. Learned counsel for the respondent, who appears on advance copy, however, submits that all the documents which are now being so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/-. The circle rate of land as per the valuation report is Rs. 53,00,000/- per acre. The total land is 3.12 acres and thus the total value of land as per the circle rate comes to Rs. 1,65,36,000/-. The valuer has however assessed the rate of land at Rs. 5 crores per acre after the considering the characteristics of the subject plot. The report does not show that the valuation arrived at by the valuer is based on any cogent evidence like recent sales of neighbouring properties." 9. Reading of the impugned Order clearly shows that the Arbitrator has proceeded on the basis of the documents that were filed before it. The Notification and the judgment that are sought to be relied upon by the appellant in the present appeal were admitted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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