SANJEEV SACHDEVA, J.

1. The petitioners have filed the present petition under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter to as ‘the Act’) praying that an Arbitrator be appointed to adjudicate the disputes that have arisen between the parties in relation to the provisional allotment letter dated 27.05.2008 allotting commercial space No. 4-D, on the first floor in the Shopping Mall known as Grand Venezia situated at Plot No. SH-3, Site-IV, Industrial Area, Surajpur, Greater Noida, District Gautam Budh Nagar, U.P.

2. The said provisional allotment letter includes an Arbitration Clause, which is set out below:-

“44(b) All or any disputes arising out of or touching upon or in relation to the terms of the Provisional Allotment Letter including the interpretation and validity of the terms thereof and the respective rights and obligations of the parties shall be settled amicably by mutual discussion failing which the same shall be settled through arbitration. The arbitration proceedings shall be governed by the Arbitration & Conciliation Act, 1996 or any statutory amendments/modifications thereof for the time being in force. The arbitrator shall be appoint