FINAL ORDER :

1. Arbitration Application is filed under Section 11 (1) of the Arbitration and Conciliation Act, 1996 (for short, “the Act”) seeking appointment of sole-Arbitrator to adjudicate the dispute arising out of Memorandum of Understanding (MoU) dated 1st March, 2014.

2. The facts of the case are as under:

A Memorandum of Understanding (for short” MOU”) came to be executed on 1st March, 2014 between the respondents and the Applicant No.1. Respondent Nos.1 to 4 are the co-owners of agricultural land out of Gut No.7 of village Mauje Golwadi total admeasuring 5 H 84 R and the subject matter of MoU was an area approximately 4 H 84 R. The MoU records that the land forming subject matter of MOU was ancestral property of respondents, and the property has been inherited by the owners in equal proportion. By this MoU, the respondents agreed to sell the land i.e. approximately 4 H 84 R to the Applicant No.1 for consideration of Rs.11 Crore and a sum of Rs.50 lakhs was paid as earnest money at the time of execution of MoU. The relevant clauses of the MoU are as under:

“2. The Owners further assure that they collectively own the said property as indicated on 7/12 extract and they have co