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