ORDER

The applicants have filed the present Arbitration Case under Section 11(6) of the Arbitration & Conciliation Act, 1996 seeking the appointment of an Arbitrator / Arbitral Tribunal for resolving the dispute between the parties.

The facts of the case in short are as under:- 1. The applicant is a Builder and Civil Contractor. Respondent No.1 is a company registered under the provision of the Companies Act, 1956 and engaged in the business of Real Estate. Respondent No.1, being the owner of land bearing Khasra No.2/1/1, 24/1, 24/2/1, 24/2/2, 24/2/3, 24/3/4, 24/3/2, 25, 26/1, 26/2 and 27/2 situated at A.B. By-Pass Road, Village - Mayakhedi, Indore launched a residential township project in the name of 'VISTARA'.

2. An MOU dated 01.12.2017 was executed between the applicant and respondent No.1 for the sale of 11 residential plots within the period of 24 months. By way of MOU, the applicant being a ‘Proposer’ undertook to avail the bookings of sale of a specific total of 11 residential plots as described in condition No.6 of the MOU within a period of 24 months subject to the condition mentioned in condition No.7. As per condition No.7 out of the total 11 plots, the respondent Company shall allot first plot in favour of the applicant at the rate of Rs.1,750/- per sq. ft. and after receiving the total sale consideration, the Company shall execute a registered sale deed in the name of the applicant or the name of nominee/assignee by him. As per condition No.2, the total payment of duration for payment of total sale consideration will be 45 days from the date of booking of each plot. As per condition No.7.4, the parties have agreed that on or before completion of about stated eight months from the date of MOU, the respondents/ Company shall further allot two more plots in favour of the applicant at the rate of Rs.1,750/- of the salable area and after receiving the total sale consideration, the sale deeds shall be executed in the name of the applicant or the name of the nominee. As per Clause 7(5), the applicant has agreed that after the expiry of eight months from the date of execution of MOU, the Company at the request of the proposer i.e. the applicant shall further allot the remaining / balance plots (11 plots) at 10% discount on the prevailing rate of the Company. As per condition No.7.6, it was also mutually agreed between by the parties that after the expiry of 8 months from the date of execution of an MOU, the proposer/ the applicant shall deposit a booking amount of Rs.2,00,000/- against each plot which is remaining in the term of the MOU. As per condition No.7.7(i), in case, the proposer will book less than five plots out of 11 plots then the Company shall have the right to forfeit the deposited amount mentioned in Clause 7(5). 3. According to the applicant as per the MOU, respondent No.1 had executed a sale deed dated 11.08.2018 in respect of Plot No.A-117 in the name of Devdas Patidar i.e.

assignee of the applicant. The applicant submitted that after execution of the MOU, the respondent / Company partly complied with the condition of the MOU by executing a registered sale deed i.e. Plot Nos.A-117 and A-122 after getting full and final consideration within the prescribed time of eight months. Thereafter, he made several requests for execution of the sale deed in respect of the third plot i.e. Plot No.A-118 for which he had already deposited a booking amount of Rs.5,00,000/- through cheque No.205807 dated 23.07.2018 as margin money but no sale deed has been executed by the respondent No.1. The applicant sent a letter dated 28.08.2018 to respondent No.1 along with a cheque of the balance amount to the tune of Rs.31,53,531/- and a cheque of Rs.52,766/- for other charges. Thereafter, he visited the office of respondent No.1 and met Mr Prasad for the execution of the sale deed of Plot No. A-118. The applicant also requested respondent No.1 by sending emails dated 26.06.2018 and 04.07.2018 that he is ready and willing to pay the