ORDER :

[This Petition has been filed under Section 11(5) and 11(6) of the Arbitration and Conciliation Act 1996 to appoint an arbitrator to preside over the disputes between the parties herein and thus render justice and pass such or further orders that this Hon'ble Court deems fit in the interests of justice and equity.]

1. The petitioners seek the constitution of an arbitral tribunal to adjudicate the disputes between the petitioners, on the one hand, and the respondents, on the other. The petitioners state that they entered into a memorandum of agreement dated 12.11.2008 (the MoA) with the first respondent in relation to the development of land (the Land) owned by the first petitioner into a multi-storied residential or commercial building. For purposes of such development, it is stated that two general powers of attorney were executed by the first respondent on 12.11.2008 in favour of Mr.Naren Rajan, the then Managing Director of the first respondent. By relying on such powers of attorney, the Land was mortgaged in favour of the first respondent's lender, i.e. Indian Bank. The said lender/Indian Bank, in turn, assigned the debt to an asset reconstruction company, namely, Relianc