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Judgment
Though parties had appointed their respective Arbitrators, who were not able to arrive at a consensus regarding the Presiding Arbitrator.
Learned counsel for the parties submit that as the amounts in disputes are not very large, disputes may be referred to a sole Arbitrator to be appointed by the Delhi International Arbitration Centre (DIAC).
Accordingly, this dispute is referred to the DIAC for appointment of an appropriate Arbitrator from its panel of Arbitrators. The arbitration would take place in accordance with the rules and regulations of the DIAC and the Arbitrator would be entitled to fees as per the Schedule of Fees maintained by the DIAC.
Learned counsel for the respondent submits that it has also filed an application under Section 11 of the Arbitration and Conciliation Act, 1996, which is presently being scrutinized by the Registry. He undertakes not to re-file the matter in view of the order passed today.
The petition stands disposed of in the aforesaid terms.