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Judgment
Mr. Adarsh Tiwari appeared on behalf of the Respondent and raised a preliminary objection that the arbitration Clause I(4) of the United Bharat Sookshma Udyam Suraksha Policy dated 10.01.2024 provides a mechanism to nominate the respective Arbitrators by each party and that both the Arbitrators shall decide the presiding Arbitrator for adjudication of the disputes between the parties.
Learned Counsel submits that this provision has not been availed by the parties.
At this stage, learned Counsel for the Petitioner seeks leave to withdraw the present petition with liberty to nominate its Arbitrator and if Respondent fails to nominate its Arbitrator, the liberty is granted to restore this petition by the Petitioner.
Learned Counsel for the Respondent undertakes at bar that once he will receive the name of the Arbitrator nominated by the Petitioner, within two weeks thereafter, he shall nominate his Arbitrator and in turn both Arbitrators can appoint the presiding Arbitrator to adjudicate the disputes between the parties.
In any eventuality, the Petitioner is at liberty to file restoration application to restore the present petition.
Leave and liberty as aforesaid is granted.
In view of the aforesaid, the present petition is dismissed as withdrawn.