JUDGMENT

C.K. THAKKER, J.—

1.This petition is filed by the petitioners under Section 11(6) and Section 11(12) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) read with paragraph 2 of the Appointment of Arbitrators by the Chief Justice of India Scheme, 1996 for appointment of Third/Presiding Arbitrator in accordance with the Agreement/Contract Package No. NS-23/AP dated May 31, 2001 entered into between the petitioners and the respondent.

2.The petitioners are a Joint Venture who came together by virtue of Joint Venture Agreement dated May 10, 2001 for execution of certain contracts for National Highways Authority of India (NHAI for short). Petitioner No.1 is a Company registered under the Laws of the Republic of Korea having its registered office at 75-95, Seosomoon Dong, Chung Ku, Seoul, Korea 100 110. Originally it was known as YOU ONE Engineering and Construction Co. Ltd. at the time of Joint Venture Agreement and also at the time of contract dated May 31, 2001 with NHAI. The Company has since merged with and known as Ultra Construction and Engineering Co. Ltd., Seoul, Korea; i.e. in a country other than India within the meaning of Section 2(f)(i