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 23.07.2012.

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

3. The Petitioners entered into an Agreement for Sale dated 23.07.2012 with Respondent No. 1 as the vendor, Respondent No. 2 as the Developer and Confirming Party, and Respondent No. 3 as the owner, in respect of purchase of a flat being Unit No. 4B, measuring about 2245.43 sq.ft. super built-up area on the 4th floor of premises No. 12, Shakespeare Sarani, Kolkata – 700071, together with one car parking space on the ground floor of the said premises. The total consideration for the said flat was agreed at Rs. 2,11,00,000/-. According to the Petitioners, the entire sale consideration was paid and possession of the said flat was handed over to them instantly upon execution of the said agreement.

4. It is the case of the Petitioners that under Clause 3(10) of the said Agr