( 1 ) APPELLANTS are owners of a piece of land situated in the town of Siliguri in the District of darjeeling measuring an area of 6 kathas, 9 chhataks. They entered into a development agreement with the respondent whereby it was agreed that the respondent, at her own cost, would construct a building on the said land in question out of which 40% of the constructed area would be handed over to the owners being the appellants and 60% would be retained by the respondent as her share in the property. Under the agreement, if there was any dispute between the parties, those disputes were to be referred to the sole arbitration of one Mr. Arun Kumar sarkar, art advocate of Siliguri Court.

( 2 ) THE appellants also executed general power of Attorney in favour of the respondent giving her right to do all acts necessary for the purpose of construction, development and sale of the flats after construction on behalf of the appellants. Accordingly a five-storied building was constructed on the said land in question. The respondent also entered into agreements for sale with various intending purchasers including one malabika Sarkar who is also an advocate of siliguri Co