This petition is filed under Section 11(5) of the Arbitration and Conciliation Act, 1996 (for short, hereinafter referred to as the 'Act'), for the appointment of an Arbitrator to resolve the dispute between the parties.

2. The case of the petitioner is that he entered into an agreement of sale dated 21st December, 2005 for purchase of the property bearing Plot No. 19-A, Peenya II Phase, Industrial Area, which is morefully described in the schedule to the agreement of sale and (for short, hereinafter referred to as the 'schedule property) for a consideration of Rs. 6,99,04,079/-. A copy of the agreement is produced as Annexure-A. Clause 9 of the said agreement provides for resolution of dispute arising out of the agreement by way of arbitration. It is his further case that in terms of the agreement, a sum of Rs. 2,00,00,250/- was paid by the petitioner to the respondent as advance by way of cheque, which has been duly encashed by the respondent. Sixty days time was stipulated for completion of sale transaction.

3. On 18-2-2006, the petitioner wrote a letter expressing his readiness and willingness to purchase the property and pay the balance sale consideration in terms of the ag