JUDGMENT :

SANJEEV NARULA, J.

1. The present petition under Section 11(5) of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as the ‘Act’] seeks appointment of a Sole Arbitrator to adjudicate the disputes that are stated to have arisen under a Settlement Agreement dated 27th December, 2015, containing an arbitration agreement in Clause 11, which is reproduced below:

“11. That the Indian Arbitration and Conciliation Act of 1996 shall apply to the arbitration or to the arbitration proceedings or to the arbitration award. The Arbitrator shall be appointed mutually by the FIRST PARTIES and the SECOND PARTIES. The seat of the Arbitration shall be at New Delhi and the Arbitration Proceedings shall be conducted in English. For all purposes, the Jurisdiction of court shall be at New Delhi.”

BRIEF FACTS

2. The relevant facts of the case are as follows:

The Parties:

2.1. Petitioners No. 2 and 3 are directors of Petitioner No. 1 company. Respondent No. 5 is wife of Petitioner No. 2 and Respondent No. 6 is brother of Petitioner No. 3. The Petitioners No. 2-3 and Respondents No. 5-6 [hereinafter collectively referred to as the ‘Sellers’] hold the complete shareholding in Petitioner