1. This is an application for appointment of an arbitrator under Clause 16 of the
Memorandum of Agreement dated November 16, 2012.
2. The dispute arises out of the agreement to sell the property to the petitioner.
The petitioner contends that time was never of the essence. The first clause
provided that the transaction would be complete only after mutation of the
premises in favour of the respondent and after sanction of a revised building
plan by the Bidhannagar Municipal Corporation. By the said agreement, the
petitioner had agreed to acquire the entire unfinished constructed building
over the leasehold land under the terms and conditions specified in the said
agreement.