JUDGMENT :

(Prayer: Petition filed under Section 11 (6) of the Arbitration and Conciliation Act, 1996, to appoint a Sole Arbitrator, or Arbitrators to resolve the disputes between the petitioners and the respondent company in accordance with the second part of Clause 21 of the Lease deed dated 12.07.018.)

1. The above petition is filed under Section 11 (6) of the Arbitration and Conciliation Act, 1996, seeking appointment of a sole arbitrator to resolve the disputes between the petitioners and respondent company in accordance with lease deed dated 12.07.2018.

2. The petitioners are the owners of the premises at door No.149, Velachery - Tambaram Road, Pallikaranai, Chennai - 601 302, measuring an extent of 9680 Sq.ft. in the third floor of the building called MPL Silicon Towers. The said property was leased out by them to the respondent company for a period of 72 months, commencing from 12.07.2018 to 11.07.2024 with a lock-in-period of 36 months, commencing from 23.07.2018 to 22.07.2021.

3. Monthly rental was a sum of Rs.5,80,000/- with an annual escalation at 5 %. In addition, the respondent was to pay GST at 18% on the rent. Monthly rent was exclusive of the monthly maintenance charge