Mr. Mohammad Rafiq, J.

1. This application under Section 10 and 11 of the Arbitration and Conciliation Act, 1996 has been filed by applicant-Trade Swift Developers Private Ltd., a company incorporated under the Companies Act, 1956, praying for appointment of Arbitral Tribunal for resolving its dispute with the non-applicants.

2. Dispute between the parties pertains to a piece of land measuring 11608 sq. yards comprising in Khasra no.330 of Revenue Village Barodia, Tehsil and District Jaipur situated at Station Road, Jaipur. This land was purchased by the respondents by three different sale deeds dated 2.6.1972. Parties executed unregistered Memorandum of Understanding (for short-’MoU’) dated 19.10.2007 where under the respondents agreed to sale part of the aforesaid land measuring 8883 sq. yards to the applicant with existing constructions, for a lumpsum sale consideration of Rs.47,25,00,000. Clause 18 of the said MoU pertains to arbitration, which inter alia provides that parties shall, subject to Kolkata jurisdiction, resort to the provisions of the Arbitration and Conciliation Act, 1996 at Kolkata, for resolution of any dispute or difference between them on any of the is