M.H.S. Ansari, J. - (1.) . - The instant application is filed under Section 11 of the Arbitration and Conciliation Act, 1996 claiming inter alia, the relief as under; "a) A person be appointed to act as arbitrator to function along with the two arbitrators already appointed under the agreement dated 7th August, 1992 to adjudicate upon the disputes and differences between the parties arising under the said agreement.
(2.) Brief facts giving rise to the instant application are that a joint venture agreement was entered into by and between the petitioner and the respondents No. 1 and 2 herein dated 7th August, 1992 with regard to the development of New Alipore Market Complex situated at Block 'M'. The agreement dated 7.8.92 has been made as annexure 'A' to the instant petition. The agreement contains an arbitration clause which reads as under:- "All disputes and differences arising between the parties hereto touching and concerning this Agreement shall be referred to the Arbitrators, to be appointed by the parties hereto each and the provisions of the Indian Arbitration Act, 1940 shall apply in this regard and whose decision is binding on the parties and in case of differences between the Arbitrators the matter would be referred to the umpire. The cost of Arbitration would be borne by the parties with the equal shares.
(3.) According to the petitioners, respondents allegedly committed various breaches cif the joint venture agreement and the same have been enumerated in paragraph '3' of the application.;