JUDGMENT :

J. Sreenivas Rao, J.

The appellants filed this appeal aggrieved by the orders dated 06.06.2022 passed by learned Special Judge for Trial and Disposal of Commercial Disputes Court, Ranga Reddy District at L.B. Nagar in C.O.P.No.3 of 2022 in C.O.P.No.7 of 2022 dismissing the application filed under Section 9 (1) of Arbitration and Conciliation Act 1996 (hereinafter referred to as ‘the Act, 1996’) for grant of injunction restraining the Respondents 1 & 2 or any other person(s) acting, dealing or otherwise claiming under the authority of the said respondents in any form of whatsoever by way of sale, mortgage, creating any kind of encumbrance, lease/licence or otherwise changing the nature of the development of the petition schedule property, whatsoever, pending the disposal of the arbitration proceedings.

2. For the sake of convenience, hereinafter the parties will be referred to as “petitioners” and “respondents”, as they were arrayed before the trial Court.

3. Petitioners filed Arbitration Petition vide C.O.P.No.7 of 2022 under Section 9 (1) of the Act 1996 for grant of injunction restraining the Respondents 1 & 2 or any other person/s acting, dealing, (or) otherwise claiming under the authority of the said Respondents in any form of whatsoever form all that petition schedule property i.e. the petition schedule saleable/leasable built-up area/property together with proportionate undivided three-towers i.e., Tower No.1, Towner No.2 and Towner No.6 coming up in Acs.06.08 guntas in Sy.Nos.128 & 138 (larger extent) as per sanctioned master plan out of total single project (under the name and style (‘Phoenix Business Hub’) site admeasuring Acs.15.36 guntas covered by Sy.Nos.118 (P), 120(P), 121(P), 122 (P), & 138(P) situated at Nanakramguda Village, Serilingampally Mandal of Ranga Reddy Dist. by way of sale, more creating any kind of encumbrance, lease/ license (or) otherwise changing the nature of the development of the said schedule property other than IT/ITES office commercial space in any manner whatsoever, pending the disposal of the arbitration proceedings. In the said petition, the petitioners contended that they are owners and possessors of the land to an extent of Acs.6.08 guntas in Sy.Nos.122 and 138 situated at Nanakramguda (V) of Serilingampally (M), Ranga Reddy Dist. The respondent No.1 represented by its Managing Director Sri P.Gopi Krishna, claiming as one of the reputed builders in the limits of GHMC, approached the petitioners in the year 2015 to develop the petitioners’ properties as common projects, and the petitioners are represented by their authorized person namely Sri B. Sunil and he had common negotiations on the proposal of Respondent No.1; in pursuant to the said negotiations between the petitioners and the respondents, it was represented that they would develop the petitioners’ properties together with the properties of other adjacent owners as joint property into SEZ/buildings for the purpose of IT/ITES/Commercial place and the same shall be developed to achieve more advantageous and beneficial to one and all in total as one unit on extent of Acs.15.46 cents covered by Sy.Nos.118(p), 120(p), 121(p), 122(p) and 138(p) of Nanakramguda (V).

3.1. The petitioners further stated that the Respondent No.1 through mail dt. 04.04.2015 informed that they will construct 2,00,000 Sq. fts., saleable/leasable area per acre in the large extent of project and the petitioners/land owners were to be given 25% share in the said saleable/leasable built-up area with proportionate share in the common area/parking etc., remaining 75% is in favour of the developers. In pursuance of the negotiations the petitioners and respondents have entered into a common understanding under the preliminary agreement dt. 06.12.2015 with a nomenclature as 'Term Sheet' wherein the respondents agreed to give the land owners share at 55,000 sq.ft. per acre with proportionate car parking space undivided share in the large extent of project assur