JUDGMENT - A.P. SHAH, J.:---This petition is filed under section 8 of the Arbitration and Conciliation Ordinance, 1996 for referring the parties to arbitration for resolution of disputes and differences that have arisen between them.

2.By an agreement dated 23rd December, 1986 between the petitioner and the respondents and two memoranda of understanding, the parties agreed to carry on the business in partnership in the firm name and style of M/s. Gas Property Developers as a single venture undertaking upon the terms and conditions mentioned in the agreement. The agreement contains an arbitration Clause and the same is reproduced hereunder :---

"23. If at anytime a dispute shall arise among the parties hereto concerning the interpretation of this agreement or anything contained herein, or in connection therewith or any of the rights, duties, obligations or liabilities of the parties hereunder, or with respect to the performance thereof, such dispute shall, failing mutual agreement to settle it in any other way, be finally resolved among the parties by arbitration proceedings conducted in accordance with the provisions of Indian Arbitration Act, 1940 or any statutory modification or

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