( 1 ) THIS is an application under Section 9 of the Arbitration and Conciliation Act, 1996 (for short, the new Arbitration Act ) for restraining the respondents from excavating and transporting the black granite stone from the land in question, without making full payment of the excavated stones as also payment of arrears of Rs. 62,53,923. 30 during the pendency of the arbitration application.

( 2 ) IT is no longer in dispute before me that the petitioners and B. Srinivasa Rao and Ramanadham were joint owners of land admeasuring Ac. 17. 92 cts. in Survey No. 55/68 situated in Rajupalem Lakshmipuram of Chimakurthi Mandal of Prakasham District (for short, the land in question ). Srinivasa Rao and Ramanadham had 20 per cent share each in the land in question and the remaining 60 per cent share belongs to the petitioners. The first respondent had taken the lease of the land in question from the petitioners and Srinivasa Ran and Ramanadham through two registered lease deeds dated 25-6-1992 for a period of 30 years for mining black galaxy granite and, had agreed inter alia for exploiting the black galaxy granite at the rate of Rs. 3,000. 00 per cub. mtr. with the size of 0. 30 cub. mt

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