( 1 ) THIS is a petition under Section 11 of the Arbitration and Conciliation act, 1996 (hereinafter referred to as the Act) read with the Scheme for Appointment of Arbitrators, 1996 seeking appointment of a retired judge of the Supreme Court of India as a sole arbitrator to adjudicate upon the dispute and differences between the parties.

( 2 ) THE petition has been filed on behalf of six petitioners namely mr. Sunil Manchanda, M/s. Puri Construction Ltd. , M/s Florentine Estates of India Ltd. , M/s Mad Entertainment Network Ltd. , Mr. Arjun Puri and Mr. Mohinder Puri with the averments and allegations that the petitioners acting upon the representations of the Ansal Brothers of the respondent M/s Ansal Housing and Construction Ltd. entered into an agreement development Agreement on 14. 10. 2000 in regard to the development of approximately 19 acres of land in Sector 53, Gurgaon. Clause 51 of the agreement contains an arbitration agreement, which reads as under:

"51. All disputes arising out of or in connection with this Agreement shall be resolved mutual discussions between the parties within 15 days of the said disputes arising, failing which, such disputes shall