ORDER :

Arup Kumar Goswami, J.

1. Heard Mr. Tarlada Rajasekhar Rao, learned counsel for the applicants. Also heard Mr. A.K. Kishore Reddy, learned counsel for the respondent.

2. This is an application filed by the applicants under Section 11(5) & (6) of the Arbitration and Conciliation Act, 1996 read with the Scheme for appointment of Arbitrator, 1996 (for short "the Act, 1996"), for appointment of an Arbitrator.

3. The case of the applicants is that the 2nd applicant is the wife of the 1st applicant and 3rd and 4th applicants are the children of the 1st and 2nd applicants. They are the owners of land admeasuring 226.2 sq. yards (222.56 sq. mts.,) in old Sy. No. 57/1 part, new survey no. 23/2 and land admeasuring 513.99 sq. yards (429.74 sq. mts.) in old survey No. 57/1 part, New survey No. 23/2, Patha Srikakulam Rural, Killipalem Panchayat, Patha Srikakulam village, Srikakulam Mandal, totalling 780.19 sq. yards (652.316 sq. mts.). The lands are contiguous and they purchased the same vide Document No. 6711/2011 from one Sabbella Adinarayana Reddy and since the date of purchase, they are in possession.

4. A Development Agreement dated 14.12.2011 was entered into with the respondent, who