This application is filed under Section 11(6) of the Arbitration and Conciliation Act, 1996. Petitioners and the respondent have entered into Annexure A1 agreement in respect of construction of an apartment building. It is agreed by and between the parties as per clause 49 of Annexure A1 that, in the event of any dispute arising by and between the parties, same shall be resolved by resorting to the provisions of the Arbitration and Conciliation Act, 1996 and any modification made thereto, which read thus:

“49.DisputeResolutionbyArbitrations All or any disputes arising out of or relating to or concerning or touching this Agreement including the interpretation and validity of the terms thereof and the respective rights and obligations of the parties shall be referred to arbitration by any party. The arbitration shall be governed by the Arbitration & Conciliation Act, 1996 or any statutory amendments/modifications thereof for the time being in force. The arbitration proceedings shall be held at an appropriate location in Ernakulam by a Sole arbitrator who shall be appointed by the Managing Director of the Company and whose award shall be final and binding upon the parties. The A