ORAL JUDGMENT: This is an application under Section 11(6) of the Arbitration and Conciliation Act, 1996.

2. An agreement was entered into between the Applicant and the Respondent on 2 January 1995. Under the agreement, the Applicant undertook to develop certain immovable property and to sell the constructed area, for which the Respondent was to receive 12% in the amount realised from the sale. Under the agreement, a certain amount was guaranteed as a minimum guarantee payment for a term of ten years. The agreement contemplates that the Applicant would be entitled to sell or transfer units in the constructed area to third parties. The Respondent was to be entitled to receive all the gross realizations from the disposal or transfer of the constructed area so that 12% of the realization would be receivable directly from the purchasers. In this manner, 12% of the realization would belong to the Respondent while the balance representing 88% would belong to the Applicant.

3. Disputes and differences arose between the parties which led to the institution by the Respondent, of a suit on the Original Side of this Court on 4 February 2008. A criminal complaint had been instituted b