Chaini Parwani –
Published On: December 07, 2021 at 11: 30 IST
The Supreme Court recommended Lalit Modi and his mother Bina Modi, wife of late industrialist K Modi, to resolve the long pending Property Dispute in the family through Mediation.
A Bench comprising of Chief Justice N V Ramana, Justices Surya Kant and Hima Kohli was hearing the Appeal of Lalit Modi against the Judgment of a Division Bench of the Delhi High Court.
The Bench while suggesting mediation stated “Harish Salve group (Lalit Modi) is willing to have arbitration. What we feel is that this is a dispute of family members apart from trust etc. There is a provision in the deed also that this can be mediated…this is only a suggestion. We do not compel anybody to agree. Why don’t you agree for mediation or arbitration in India?”
Further Senior Advocates Kapil Sibal and Mukul Rohatgi, representing Bina Modi acknowledged the Court’s Order.
Furthermore, Mr Salve and Senior Advocate A M Singhvi representing Lalit Modi replied that they are satisfied too.
The Bench further posted the Plea for Hearing on December 13.
Earlier a Lawsuit filed by Bina Modi pleading to restrain the Arbitration Proceedings initiated by Lalit Modi in Singapore over the dispute was held maintainable by the Division Bench of Delhi High Court.
The Division Bench overruled the Order of a Single Judge of the High Court which had stated that it does not have the Jurisdiction to adjudicate the Anti-Arbitration injunction Suits filed by Lalit Modi’s mother Bina, his sister Charu and brother Samir and that they are permitted to move before the Arbitral Tribunal in Singapore.
The dispute amongst the trustees emerged after the Death of Mr. KK Modi on November 2, 2019.
Lalit Modi contended that after the Death of his father, in view of lack of unanimity amongst the Trustees regarding sale of trust Assets, a sale of all Assets of the trust has been triggered and distribution to beneficiaries has to occur within one year thereof.