1. By this petition filed under section 9 of the Arbitration & Conciliation Act, 1996 (for short “Arbitration Act”), the petitioner seeks an injunction against the respondent no.1 from taking any steps pursuant to their letters dated 5th January, 2017 and 13th January, 2017 and from in any manner breaching the agreement dated 28th September, 2011. The petitioner also seeks an order of status-quo with respect to the agreement dated 28th September, 2011 and seeks an injunction against the respondent no.2 from creating any third party rights /allotting any contract to carry out any construction /any development on the site and seeks other reliefs. Some of the relevant facts for the purpose of deciding this petition are as under :

2. In the month of March, 2008, Maharashtra Airport Development Company Limited (for short “MADC”) invited the proposals for developing a residential township on an area of approximately 25.252 acres of land in Nagpur district. On 24th March, 2008, the petitioner and the respondent no.2 executed a Memorandum of Understanding to form a consortium to bid for the project and to jointly promote a company for the purpose of developing the residential town