I.P.MUKERJI, J. - (1.) The parties entered into an agreement on 4th February, 2014. Clause 23 of the agreement is the arbitration clause. It is in the following terms: "The parties shall attempt to settle the disputes or differences in relation to or arising out of or touching this Agreement or the validity, interpretation, construction, performance, breach or enforceability of this Agreement (collectively Disputes) by way of negotiation. To this end, each of the parties shall use its reasonable endeavors to consult or negotiate with the other Party in good faith and in recognizing the Parties' mutual interests and attempt to reach a just and equitable settlement satisfactory to both the parties. If the parties fail to settle the Disputes by negotiation within 60(sixty) days from the date on which negotiations are initiated, the Disputes, if not solved shall be referred to, and finally resolved by arbitration by an arbitrator appointed by the Owner and an arbitrator appointed by the developer both the arbitrators shall appoint a third arbitrator in terms of the Arbitration and Conciliation Act, 1996, and Rules and amendments made thereunder. The arbitration proceedings shall be conducted at Kolkata and in English."
(2.) The agreement was for development of immovable property.
(3.) This agreement was followed up by various supplemental agreements executed by and between the parties on diverse dates.;