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06.01.2023

1.

This petition has been filed under Section 11 of the Arbitration and

Conciliation Act, 1996 (hereinafter referred to as the ‘Act’) seeking

appointment of a Sole Arbitrator for adjudicating the disputes that have

arisen between the parties in relation to the “Universal Mall Commercial

Space Buyer Agreement” dated 26.03.2014 executed between the parties.

The said Agreement has an Arbitration Agreement between the parties in

form of Clause 46 thereof, which is reproduced herein below:

“46. All or any disputes arising out of or touching

upon or in relation to the terms of this Agreement

including the interpretation and validity of the terms

thereof and the respective rights and obligations of

the parties shall be settled amicable by the mutual

discussion failing which the same shall be settled by

sole arbitrator to be appointed by the Board of

Director of UBPL whose decision shall be final and

binding upon the parties. The Buyer hereby confirms

and accepts that he has no objection to the

appointment of the Arbitrator by UBPL even if the

person so appointed as the Arbitrator, is an employee

or an Advocate of the ‘UBPL’ or is otherwise

connected to ‘UBPL’ and the Buyer co