ORDER :

1. This application is filed to appoint an arbitrator to resolve the disputes between the applicant and the respondents.

2. The applicant and the respondents No. 2 and 3 are inter se related. It is the case of the applicant that he has settled down in USA, accumulated surplus funds and decided to invest in real estate in India. In consultation with his brother, Sri Jitender Agarwal, the applicant formed a company under the name and style of M/s. Jeetendra Apartments Pvt. Ltd., on 11.09.2000 with his brothers Jitender Agarwal, Pavan Kumar Agarwal, Prem Kumar Sanghi, Smt. Santosh Agarwal, W/o. Rajendra Agarawal as initial directors. The entire working capital and funds were contributed by the applicant alone and three properties were purchased. An account was opened with M/s. Mahesh Bank, Begum Bazar Branch, Hyderabad, in the name of the company. After some time, another company was formed under the name and style of M/s. Tayal Builders Private Limited on 20.11.2002 with the respondents No. 2 and 3 and Smt. Sushma Sanghi W/o Prem Kumar, as its directors. With the funds sent by the applicant, property bearing Municipal No. 2-2-35/A, situated at Amberpet, Hyderabad, was purchased under deed of agreement of sale-cum-general power of attorney dated 29.07.206 registered as document No. 2975/2006.

3. It is stated that the respondent No. 2 created rift between the applicant and Prem Kumar Sanghi and as differences increased, the applicant withdrew himself from the companies and thereafter, Prem Kumar Sanghi retired from directorship of M/s. Jeetendra Apartments Pvt. Ltd. and his wife retired from M/s. Tayal Builders Pvt. Ltd in 2002. At the request of respondent No. 2, the applicant executed a general power of attorney on 10.10.2002 in USA in favour of the respondent No. 2, which included all financial powers including banking operations. As per the request of the respondent No. 2, the applicant used to transfer money into the NRI Account from time to time. The respondents No. 2 and 3 proposed to purchase another property and on their insistence, the applicant formed a new partnership firm under the name and style of M/s. TIA Constructions i.e. respondent No. 1 under deed dated 25.04.2015 with the applicant and the respondents No. 2 and 3 as partners. Later, the property bearing No. 3-6-69/4/3 situated at Basheerbagh, Hyderabad, was purchased in the name of the firm under the agreement of sale cum GPA dated 04.05.2015, registered as document No. 1401/2015. In total, the applicant has transferred a sum of Rs.14,00,38,512/- into his account in M/s. State Bank of India, NRI Branch, Himayatnagar, Hyderabad (earlier State Bank of Hyderabad) for investment and to his benefit.

4. It is alleged that the entire money was misused by the respondents No. 2 and 3 causing financial loss to the applicant. On the insistence of the respondent No. 2, the applicant executed a fresh GPA on 28.01.2012. As the applicant found the respondent No. 2 indulging in mischief and mismanagement of the funds of the firm, the deeds of power of attorney were cancelled by the applicant and the respondent No. 2 accepted the cancellation by making necessary endorsement on copies of said deeds of power of attorney and handed over to biological brother of the applicant and present power of attorney Prem Kumar Sanghi. When the applicant came down to India, he executed a fresh deed of power of attorney on 21.04.2018 in favour of Prem Kumar Sanghi and the respondent No. 2 witnessed the same. Later, the applicant came to know that the respondents No. 2 and 3 had been acting detrimental to his interest and questioned them but could not get proper response from them. The applicant invoked clause 23 of the partnership deed, which provides for resolution of disputes between the parties by way of arbitration.

5. The applicant filed C.O.P.No. 91 of 2018 under Section 9 of the Arbitration and Conciliation Act, 1996 (for short ‘the Act’) seeking interim relief against the respondent