( 1 ) THIS appeal has been preferred from three orders dated 18th May 1998, 18th January 1999 and 21st January 1999. All three orders were passed in connection with an application made by the respondent No. 1 under section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act ). The orders were passed in the background of the facts, which are briefly noted.

( 2 ) THE appellant company was granted the right to develop land on Tollygunge Circular Road by establishing a multistoried commercial complex (hereafter referred to as the complex) by the Calcutta Municipal Corporation. Under this agreement, which is dated 18th June 1987, after the existing stallholders were relocated in the complex, the balance area would be at the disposal of the appellant. The appellant would be entitled to allot the balance area to prospective lessees even before the completion of construction. The Corporation would grant leases to such lessees as would be selected by the appellant. All premium realized from such prospective lessees would be the absolute property of the appellant. After completion of the construction, the complex is to be handed over to the Corpor