HONOURABLE SRI JUSTICE B. VIJAYSEN REDDY ARBITRATION APPLICATION No.75 OF 2023 ORDER : (ORAL)

This application is filed to appoint an arbitrator for adjudication of dispute between the applicant and the respondent in pursuance of agreement of sale dated 21.01.2021.

2. It is submitted that the applicant is a private company and it has entered into an agreement of sale with respondents No.1 to 5 on 21.01.2021 for purchase of the land admeasuring Acs.34-30 guntas in Survey No.201, Part 261, Part 262 Part of Annaram Village, Gummadidala Mandal, Sanga Reddy District (schedule land) for a sale consideration of Rs.43,43,75,000/- (Rupees forty three crores forty three lakhs seventy five thousand only). Respondents No.1 to 5 are owners of the subject land. In terms of agreement of sale, respondents No.1 to 5 received an amount of Rs.1,50,00,000/- (Rupees one crore fifty lakhs only) as advance amount out of the total sale consideration of Rs.43,43,75,000/-. The applicant agreed to make the balance sale consideration and get the subject land registered in the name of its nominee(s). It was agreed that the amount of Rs.8,50,00,000/- (Rupees Eight Crores Fifty Lakhs only) shall be transferred in