( 1 ) IN this petition filed by the petitioners under Section 11 (4) of the arbitration and Conciliation Act, 1996 (hereinafter referred to as `the Act ) prayer made is to the effect that an independent arbitrator in pursuance to clause 12 of the Agreement to Sell (for short `the Agreement ) dated 18th august, 2002 be appointed and disputes referred to him for adjudication.

( 2 ) THE petitioners claim that they are the bona fide purchasers of property No. 35, Block 205-B, known as 8, Babar Lane, Bengali Market, New Delhi measuring 330 sq. yds. According to them, the respondent had agreed to sell the aforesaid portion of the property to the petitioners for a total consideration of Rs. 28 lacs vide Agreement dated 18th August, 2002. The petitioners paid a sum of Rs. 6 lacs as earnest money. Rs. 5 lacs was paid to the respondent on 18th august, 2002 and Rs. 1 lacs was paid through post dated cheque and remaining consideration was to be paid on execution of lease deed. The respondent had also handed over physical and vacant possession of this portion of property to the petitioners which fact is also incorporated in clause 2 of the Agreement dated 18th August, 2002. As