1. Petitioners herein have called in question the order dated 18.10.2010 in O.S.5146/10 (on I.A.III) filed under Section 8 of the Arbitration and Reconciliation Act, 1996, whereby the learned trial judge has referred the dispute between the parties for arbitration.

2. Heard Sri S. Srivatsa, learned senior counsel representing the petitioners and Sri Sreenidhi for the contesting respondent.

3. Before adverting to the contentious issues raised, legal and factual, urged by the learned counsel on both sides, a brief reference to the factual matrix would be necessary. It is:

a) Petitioners claim to have transacted with M/s B and B Infrastructure Limited, a company registered and incorporated under the Companies Act, 1956, (hereinafter referred to as the 1st respondent company, for short) for joint development of the

property owned by them. The terms and conditions of the venture were incorporated into an agreement dated 15.5.2003 styled as ‘Agreement for Development and Marketing’ which contained several covenants for putting the project in execution. However, the main condition appears to be that 1st respondent company would invest

its money and build residential and commerc