Ashim Kumar Banerjee, J.

1. The appellants were the landlords in respect of flat No. 2C, Bata May Fair, 3, May Fair Road, Kolkata measuring about 2920 square feet area. The appellants also owned car parking places being C6, C7 and C9. According to the appellants, they purchased the flat after obtaining financial assistance from ICICI Bank to the extent of Rs. 71, 10,177/- . The appellants had three daughters, all of them were of marriageable age. To meet the expenses to pay off the monthly instalments, the appellants let out the flat in question to the sole respondent vide licence agreement dated March 15, 2007 initially for a period of two years for a lump sum amount of Rs. 30, 00000/-. The said agreement also provided that after the expiry of the two years' period licensee would become liable to pay Rs. 2.25 lacs per month for a further period of eleven months and for that a sum of Rs. 7.5 lacs was kept as additional amount earmarked as security deposit. The said agreement contained an arbitration clause to the effect that in case of any dispute such dispute would be resolved by the sole arbitration of Shri Prabhat Shroff, an advocate of this Court. Dispute arose when the