1. This Petition under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as `the Act’) takes exception to the order passed by the sole Arbitrator dated 1st August 2008 on Application dated 14th April 2008 filed under Section 17 of the Act in the Arbitration Dispute between the parties herein.

2. Briefly stated, an Agreement styled as Development Agreement was executed between the Petitioners and Respondents on 17th March 2006. According to the Petitioners, it was an arrangement to form a joint venture to jointly develop the property in question and the Petitioners would become entitled to a 50% share with all the rights and benefits arising thereunder. The Petitioners were to contribute aggregate amount of Rs.7.50 Crores. Whereas, the Respondents were to contribute by way of land which was to be developed as a joint venture. However, on account of certain differences and disputes between the parties in view of the arbitration clause in the said Agreement, the dispute was referred to the sole Arbitrator. In the said Arbitration proceedings, the Petitioners took out application under Section 17 of the Act for interim protection during the pe