JUDGMENT :

Gaurang Kanth, J. 

1. The Petitioners have preferred the present petition under Section 11(6) of the Arbitration and Conciliation Act, 1996 seeking appointment of an arbitrator for adjudication of the disputes and differences alleged to have arisen between the parties out of and in connection with the Agreement for Sale dated 27.03.2007.

2. The facts leading to the filing of the present petition are as follows:

3. The Petitioners entered into an Agreement for Sale dated 27.03.2007 with Respondent No. 1 as the vendors, the Petitioners as the purchasers, and Respondent No. 2 as the confirming party, in respect of purchase of a flat being Unit No. 3D, measuring about 2832 sq.ft. super built-up area on the 3rd floor of premises No. 12, Shakespeare Sarani, Kolkata – 700071, together with two car parking spaces on the ground floor of the said premises. The total consideration for the said flat was agreed at Rs. 55,10,000/-. According to the Petitioners, the entire sale consideration was paid and possession of the said flat was handed over to them in the year 2007 itself.

4. It is the case of the Petitioners that under Clause 2.3 of the said Agreement for Sale, the Respondents were