IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGNAL CIVIL JURISDICTION ARBITRATION APPLICATION NO. 107 OF 2010 Milestone Real Estate Fund ...Applicant versus M.S. Luvish Properties Pvt. Ltd. & Anr. ..Respondents Mr. Varun Mamniya i/by Rajani Associates for the Applicant. Mr. Vivek Kantawala i/by M.M. Legal Associates for the Respondents. CORAM : DR.D.Y.CHANDRACHUD, J 19 November 2010. P.C. : 1. This is an application under Section 11(6) of the Arbitration and Conciliation Act, 1996. The applicant and the respondents entered into a Term Sheet agreement under which the applicant agreed to purchase 10,000/- equity shares each of a face value of Rs. 10/- representing the entire issued and paid capital of the first respondent. In pursuance of the agreement, the applicant deposited an amount of Rs. 2 crores as advance for the transaction. According to the applicant, the agreement could not be implemented because of the conduct of the respondents. The applicant addressed a letter dated 12 December, 2009 contending that the agreement stood terminated, as a result of the failure to conclude the transaction within the period stipulated. The agreement contains a provision for arbitration by a sole arbitrator. The applicant invoked arbitration by its notice dated 28 January, 2010 and proposed the appointment of a sole arbitrator. The respondent in its reply dated 9 March, 2010 did not concur in the appointment of the arbitrator suggested by the applicant and proposed the name of an alternate arbitrator. The Applicant has not accepted the name proposed by the respondents in its letter dated 11 March, 2010. 2. Evidently, disputes have arisen between the parties. This Court has jurisdiction to entertain the present application. As a matter of fact, an application under section 9 of the Arbitration and Conciliation Act, 1996 and an appeal arising out of an order passed by the learned Single Judge of this Court have been heard and disposed of by this Court. 3. Hence, Hon'ble Mr. Justice S.P. Bharucha, former Chief Justice of India is appointed as sole arbitrator under the Arbitration and Conciliation Act., 1996 to adjudicate upon the disputes and differences between the parties. 4. The application is accordingly disposed of. The Prothonotary and Senior Master is directed to forthwith communicate a copy of this order to the Learned Arbitrator together with a memorandum containing the address of the parties. (Dr. D.Y. Chandrachud, J.)