V.K. Jain, J.

IA No. 5447/2011 (O. 39 R. 1&2 CPC)

1. This is a suit for declaration, permanent injunction and damages. The Plaintiff is the Chairman and Managing Director of Defendant No. 2, which entered into an agreement with Defendant No. 1, whereby Defendant No. 2 was granted exclusive licence/right to sub-licence the "Century 21" trademark and "Century 21 system" to real estate brokers in 5 out of 7 territories in India. Subsequently, the licence was extended to remaining 2 territories as well. The Plaintiff vide Guarantee and Indemnification Agreement dated 24th October, 2007, guaranteed the payment obligations of Defendant No. 2 to Defendant No. 1. There is an arbitration clause in the agreement between Defendant No. 1 and Defendant No. 2, where under all controversies, disputes or claims arising in connection with, from or with respect to the agreement between them, unless resolved within 15 business days after either party notifying the other party of such controversy, dispute or claim, are to be submitted for arbitration to New York office of American Arbitration Association under its commercial arbitration rules and the arbitration proceedings are to be conducted i