ORDER

Joint Development Agreement dated 18.09.2015 was executed by the petitioner and the respondent. Clause 30 thereof, which provides for dispute resolution by arbitration, is set out below:

“30. The parties herein agree to settle all disputes, misunderstandings and difference of opinion that might be arising between them whether as to the interpretation of the terms and conditions, contained herein and / or as to the determination of their respective rights, by way of referring such dispute/s to the sole arbitrator to be appointed by the Party of the Second Part with the consent of the Party of the First Part. The procedure as prescribed by the Indian Arbitration and Conciliation Act, 1996 as amended up to date shall be adopted by the sole arbitrator / umpire as the case may be. The law applicable shall be Indian law and the venue of Arbitration shall be at Chennai. The Courts in Chennai alone shall have sole and exclusive jurisdiction to try all consequential proceedings arising from the said award / arbitration