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TMI Blog2016 (12) TMI 688X X X X Extracts X X X X X X X X Extracts X X X X ..... t of one of them as sole arbitrator, in terms of the arbitration agreement. Finding no response, these proceedings were instituted under Section 11(5) of the Arbitration and Conciliation Act, 1996. Notice was issued in these proceedings on 8 March 2016. On 7 October 2016 the Respondent informed this Court that it was willing to negotiate an amicable settlement with the Petitioner and would either finalize a settlement or file its objections to the petition for appointment of an arbitrator within four weeks. Neither has any settlement been arrived at between the parties nor has a reply been filed to the Arbitration Petition. As learned counsel have not disputed the existence of the arbitration agreement. Disputes have evidently arisen betwee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2 Arbitration : In case the amicable resolution or settlement is not reached between the Parties within a period of 30 days from the day on which the dispute(s) or difference(s) arose, such dispute(s) or difference(s) shall be referred to a sole Arbitrator for settlement by way of arbitration in accordance with the provisions of the Arbitration and Conciliation Act 1996 of Government of India or any applicable law on arbitration that may be in force then, and any amendments made thereto. The sole arbitrator shall be appointed by the mutual consent of both the Parties. The decision of the Arbitrator shall be final and binding on both the Parties. The venue of such arbitration shall be at New Delhi, India. The Language of the arbitration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finalize a settlement or file its objections to the petition for appointment of an arbitrator within four weeks. Neither has any settlement been arrived at between the parties nor has a reply been filed to the Arbitration Petition. 4. During the course of the hearing, learned counsel have not disputed the existence of the arbitration agreement. Disputes have evidently arisen between the parties and a mutual settlement has not been possible. 5. In the circumstances, we hereby appoint Mr Justice FM Ibrahim Kalifulla, former judge of the Supreme Court of India to act as a sole Arbitrator in terms of the arbitration agreement. The learned arbitrator shall be at liberty to determine the fees payable to him for the arbitration. 6. The Arbitrat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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