This is an application for appointment of an arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996 (“Act”).

2. The Petitioners are owners of a large piece and parcel of land admeasuring about 24,199 sq. mtrs. at Village Dhokali, Taluka and District Thane, Maharashtra. By an agreement titled as Memorandum of Understanding dated 26 November 2007 (“MOU”), Respondent No. 1 agreed to acquire development rights and purchase from the Petitioners a part of the said land admeasuring about 19,000 sq. mtrs. at or for a consideration of Rs. 101.50 crores. The MOU has an arbitration clause requiring inter alia each of the parties to appoint one arbitrator and the two appointed arbitrators to appoint the third arbitrator. Pursuant to the MOU, an escrow agreement dated 27 November 2007 (“Escrow Agreement”) came to be executed between the parties inter alia appointing Respondent No. 2 as the escrow agent to hold the sum of Rs. 25.37 crores payable by Respondent No. 1 to the Petitioners as part of the consideration under the MOU and deposited by Respondent No. 1 with the escrow agent in an escrow account. The escrow amount was to be disbursed by Respondent No. 2 in ter