STATE TIMES NEWS
JAMMU: Coming to the rescue of investors in Palm Island case, Jammu and Kashmir High Court on Monday appointed retired Sessions Judge SS Sarangal as mediator to settle the issues.
The directions came in a petition filed by Amarnath Choudhary seeking quashment of FIR.
Justice Mohammad Yaqoob Mir of J&K High Court after hearing Senior Advocates Sunil Sethi, UK Jalali and Advocate Vikram Sharma for the petitioners whereas Senior AAG SS Nanda appearing for the State and Adv. Abhinav Sharma appearing for the intervener, observed that counsel for the parties agreed that for resolving the dispute with the investors on the aforesaid line, there is need for supervision and mediation by a retired District Judge. It being so, S. S Sarangal, retired District Judge will act as Mediator and for settling and monitoring the process that both owners and developer will furnish the list of the investors for commercial spaces in the Mall with exact amount payable as was to be paid by them with the break up as how much has been already paid and how much money is yet to be paid. Thereafter to monitor the issue of receipt by the owners to the extent they have received the share of money from investors with a stipulation in the receipt that on receipt of the balance amount of share, possession of the shopping space etc along with title documents will be given to the concerned investors. Any other investor in addition to the interveners shall also be at liberty if he/she so chooses to appear before the Mediator. The resort to aforesaid measures is to save the investors from any unnecessary litigation.
It is also made clear that inter se disputes between the owners and the developer shall be strictly governed by the terms of the agreement as has been executed by them on 29th January 2008 and for resolution of any such dispute in between them, they shall also be at liberty to have resort to Clause 49 of the Agreement. The fee of the Mediator/Monitor is fixed as Rs.60,000 to be equally shared by the owners and the developer i.e. Rs.30,000 will be paid by the owners and Rs.30,000 by the developer. The Mediator will notify the date for meeting of the parties and will finalise the process with promptitude.
Court further said that the Mediator will submit his report in the week commencing June 27, 2016.
Court further said that the proceedings of the case registered as FIR No.24/2016 by Crime Branch shall remain in abeyance. Petitioners-Mohini Devi and Amar Nath Choudhary are already released on bail whereas petitioners Radhey Shyam and Kaka Ram shall furnish bail and surety bonds to the tune of Rs 1,00,000 each to the satisfaction of Registrar Judicial.
