1. This application has been filed under Section 11 (6) r/w Section 11 (4) of the Arbitration and Conciliation Act, 1996 seeking constitution of an Arbitral Tribunal for resolving the dispute between the parties. The application was originally filed by Dr. Om Prakash Sharma through his attorney holder and son Dr. Sandeep Sharma. However, during the pendency of this application as Shri Om Prakash Sharma has expired, his legal heirs namely his son Dr. Sandeep Sharma and his daughters have been brought on record.

2. Petitioners claim to be registered owners of a building situated in plot no. 191-A, Zone-I, M. P. Nagar, Bhopal. Respondent is a company registered under the provisions of the Indian Companies Act. Initially, a lease agreement was entered into between the petitioner and the respondent for the purpose of giving the building in question to the respondent for the purpose of establishing an Automobile Showroom and carrying out various business activities. After expiry of the lease, it was terminated and, thereafter, a fresh agreement termed as the 'Leave and License Agreement' was executed between the parties on 1st April, 2009.

Annexure P-1 is a copy of the said 'Leave