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 05.11.2008.

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

3. Petitioner No. 1, entered into an Agreement for Sale dated 05.11.2008 with Respondent No. 1, Swastik Project Private Limited, as the Developer and transferor, and Respondent No. 2, Chitrita Dey, in respect of purchase of a flat being Unit No. 4A, having a super built-up area of 2847.07 sq.ft. more or less on the 4th floor of premises No. 12, Shakespeare Sarani, Kolkata – 700071, together with two covered car parking spaces on the ground floor of the said premises. The total consideration for the said flat was agreed at Rs. 57,56,000/-. According to the Petitioners, the entire sale consideration was paid and possession of the said flat was thereafter handed over to them.

4. It is the case of the Petitioners that under Clauses 1.4 and 2.3 of the said Agreement for Sal