JUDGMENT :

1. The petitioners have filed the present petition under Section 11 of the Arbitration and Conciliation Act, 1996 (hereafter ‘the A&C Act’), inter-alia, praying that an arbitrator be appointed to adjudicate the disputes that have arisen between the parties in connection with the Agreement to Develop dated 29.10.2012 (hereafter referred to as ‘the Agreement’). The Agreement was executed by respondent no.1 (Ms. Shefali Varma) in her individual capacity claiming to be the legal beneficiary of the estate of her father, late Sh. Ashok Varma. She had also signed the Agreement on behalf of respondent nos. 2 to 12 (hereafter referred to as ‘the Companies’) as their Director. The recitals of the Agreement record that the Companies, acting through Ms. Shefali Varma as a Director, had entered into an agreement dated 24.02.2011 with petitioner no.1 (Shashank Bhagat) for undertaking a group housing project under joint development on a plot of land, measuring 11.26 acres approximately, located in Sector-56 Gurgaon. The said agreement was referred to as ‘Agreement with SV’ in the Agreement (it is hereafter referred to as ‘the 2011 Agreement’). Pursuant to the 2011 Agreement, petitioner