1. - This arbitration application is arising out of an agreement dated 21.5.2004 (Annexure-C) executed between the Applicant and the Non-applicant, containing arbitration clause 8.

2. Briefly stated, the facts of the case, are that the Applicant-Purchaser Aeren R.Entertainment Pvt.Ltd. (formerly known as "Samurai Entertainment Pvt. Ltd.) entered into an agreement dated 21.5.2004 (Annexure-C) with the Non-applicant-Seller National Engineering Industries Ltd. with regard to the sale of land admeasuring 17.05 Acres (70,809 Sq.Meters) but at the site, the land admeasured only 66,838 Sq.Meters, which is the subject matter of the aforesaid agreement to sell, situated in Khasra No.118 at Village Manpur Devri, Tonk Road, Jaipur, for a total consideration of Rs. 20,05,15,000/- under Clause 1 of the said agreement and further contains Clauses 2 to 9 and preceding to it there are ten opening paras, out of which in opening para No.6, there is clear mention of the pendency of the writ petition against the order of the Board of Revenue dated 24.3.2004 passed in second appeal. Out of the aforesaid amount, a sum of Rs. 11 lacs have been paid as advance money as per Clause No.2 and further,