JUDGMENT :

1. Heard Shri N.K. Seth, learned Senior Advocate assisted by Shri Sachin Garg, learned counsel for the petitioner.

2. The instant petition has been preferred under Section 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act of 1996", for short).

3. Briefly, the facts are that the petitioner and the respondents had entered in a builder's agreement dated 23.04.2009. In terms of the aforesaid agreement, the property i.e. House No.95/56 (Old No.19 situated at Meer Jan Lane, Gautam Budh Marg, Latouche Road, Lucknow) was to be developed by the petitioner by raising a four storied construction comprising of lower ground floor, upper ground floor, first floor and second floor. The said agreement also provided that the entire construction would be raised on the cost of the petitioner. However, 70% of so constructed area was to vest with the petitioner and the remaining 30% of the area would vest with the respondents.

4. Be that as it may, certain disputes arose in between the parties. The agreement as mentioned above contained an arbitration clause, which reads as under:-

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