- (1.) Instant arbitration application has been filed u/S.11 of the Arbitration And Conciliation Act, 1996 (Act, 1996) for appointment of Arbitrator.
(2.) Brief facts of the case are that the applicant engaged in the business of real estate development and entered into Agreement to Sell dt.8.5.2008 (Ann.1), containing terms & conditions, mutually agreed and transfer of consideration between the parties is also incorporated in the agreement.
(3.) It is not in dispute that the agreement to sell contained Clause-13 regarding arbitration which provides that if there is any Arbitral Dispute arises from terms & conditions of the agreement could be referred to the sole Arbitrator of their choice. Clause-13 relevant reads ad infra- 1. "ALWAYS in the event of any dispute or difference between the parties hereto or their respective representatives arising out of or as a result of this Agreement or in respect of the said land of these presents or concerning anything herein contained or arising out of the said land or as to the rights, liabilities and or the duties of the parties hereto, the parties shall firstly endeavor to personally resolve such disputes or differences in an amicable manner and within a reasonable period from the concurrence of such dispute or difference. In the event, such dispute or difference is not resolved within reasonable period, the parties shall mutually agree to appoint a sole Arbitrator of their choice. The provisions of the Arbitration & Conciliation Act, 1996, shall apply to such reference. b. The arbitration proceedings shall be held in Jaipur and the language of the proceedings shall be English. The Arbitral Tribunal shall communicate its speaking & reasoned award in writing and the same shall be final and binding on the parties".;