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2016 (12) TMI 1560 - HC - Indian LawsApplication under Section 11 of the Arbitration and Conciliation Act - seeking appointment of independent arbitrator for adjudication of the disputes arisen between the applicant and respondents - Held that:- The first objection raised by the respondent regarding pendency of the proceeding under BIFR and registration under SICA is not tenable. In addition to the aforesaid, it is to be noted here that The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 has been incorporated by Act No.1 of 2004 which has been implemented w.e.f today vide the Gazette of India Extraordinary, Ministry of Finance (Department of Financial Services) Notification New Delhi, the 25th November, 2016 of the Central Government. As per Section 5 under the saving clause nothing has been saved which runs contrary to the aforesaid legal position to which any benefit may be derived by the respondents. Another objection is with respect to not agreeing on the name for appointment of Hon’ble Mr. Justice P.D. Mule (Retd.). Therefore, it is apparent that respondent is not agreeing on the name of arbitrator proposed by the applicant. In view of the aforesaid, exercising the power as per Section 11 of the Arbitration and Conciliation Act, 1996, in the opinion of this Court, Hon’ble Mr. Justice A.M. Naik (Retd.) may be appointed as arbitrator to resolve the dispute on a fees as specified in the Schedule which shall be borne by both the parties equally. The Registry of this Court may take appropriate step seeking consent of the arbitrator and place the same on record. In view of the foregoing, this application is hereby allowed and Hon’ble Mr. Justice A.M. Naik (Retd.) is appointed as arbitrator.
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