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2017 (7) TMI 42 - Tri - Insolvency and BankruptcyArbitration proceedings - Held that:- Any and all disputes arising from or related to the Agreement will be settled amicably and promptly upon consultation between the parties, If the parties do not succeed in reaching such amicable resolution, then all such disputes shall be settled by arbitration without submission to ordinary courts of law. The board will also decide upon the charging of the parties with the costs resulting from the dispute. In case of arbitration, all disputes arising in connection with the present Agreement including the question of its validity shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce in Paris by three arbitrators appointed in accordance with the said Rules. The arbitrators shall base their decisions on the provisions of this Agreement. The arbitration shall be conducted in Zurich/Switzerland. This Agreement shall be subject to Swiss law. The arbitration award shall be final and binding upon the parties hereto. The award shall also indicate, how to distribute arbitrator's fee and arbitration expenses between the parties. Disputes leading to arbitration shall not entitle any Party to suspend or retain any supplies and services. This is no reason to accept the contention that the respondent has not raised the dispute, as is evident from the contents of the reply to the notice. There being a notice of dispute raised by the petitioner and also on account of the defect, as discussed above, the instant petition is rejected
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