JUDGMENT :

1. This is an application under Section11 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as ‘the Act’) for appointment of an arbitrator. The petitioners, Mr. Ajit Kumar Saha and Sukhen Chandra Saha, are owners of a piece and parcel of land admeasuring about two cottahs and eight chittack lying and situated at Mouza Krishnapur, J.L. No.17, R.S. No. 180, Touzi No. 228/229 comprised in C.S. Dag No. 5083, R.S. Khatian No. 258, within the jurisdiction of Baguiati Police Station at Holding No. R/G/M/162/849 & R/G/M/103/2845 within the local limits of Ward No. 32 of the Rajarhat Gopalpur Municipality in the District of North 24 Parganas [hereinafter referred to as ‘the plot’].

2. The respondent no.1 is a partnership firm. Respondent no.2 [Mr. Sandip Sen] and no.3 [Mr. Arun Das] are partners in respondent no.1. They are hereinafter collectively referred to as ‘the respondents’.

Relevant Facts

3. The petitioners and respondents entered into a development agreement dated January 3, 2010 with respect to the plot [hereinafter referred to as the ‘development agreement’]. It was agreed that a four storied building would be built over the plot and the petitioners shal