JUDGMENT :

1. The appellants who are the owners of the schedule property are the respondents before the learned Judge of the Commercial Court, Bengaluru Urban District in Com.A.A. No.45/2020. The impugned order dated 19th November 2020 has been passed on an application made by the respondent-developer before the Commercial Court under Rules 1 and 2, Order XXXIX of the Code of Civil Procedure, 1908 (for short “the said Code”). The application was made in an application filed under section 9 of the Arbitration and Conciliation Act, 1996 (for short, ‘the Arbitration Act’).

FACTS OF THE CASE:

2. With a view to appreciate the submissions made across the Bar, a brief reference to the facts will be necessary. The appellants are the owners of the schedule property and the respondent is the developer. The property which is the subject matter of the application filed by the respondent-developer under Section 9 of the Arbitration Act, is the land bearing No.19/1, new No.165 and 165/1, R.V. Road, Visweswarapuram, Bengaluru4 560004. The area of the said property (for short, ‘the schedule property’) is 9533 square feet (out of 10725 square feet). On 14th December, 2007, a Joint Development Agreemen