JUDGMENT:

MARKANDEY KATJU, J.

1. Leave granted.

2. This appeal by special leave has been filed against the judgment of the learned Single Judge of the Gujarat High Court dated 15.6.2006 which was passed on a petition under Section 11(5) and (6) of The Arbitration and Conciliation Act, 1996 (hereinafter in short "the 1996 Act"). By that judgment the High Court has appointed Hon'ble Mr. Justice A.M. Ahmadi, retired Chief Justice of India, as the sole arbitrator for deciding certain disputes between the parties.

3. Heard learned counsel for the parties and perused the record.

4. The appellant-company is engaged in the business of generation of electrical energy. The appellant-company has its generation station at Hazira, Surat. On 30th May, 1996 the appellant-company entered into a power purchase agreement (hereinafter in short "the aforesaid agreement") with the Gujarat Electricity Board. Under the aforesaid agreement the parties agreed, inter alia, that out of the total generating capacity of 515MW electricity the appellant-company would allocate 300MW electricity to the Board and 215MW electricity to the Essar Group of Companies. Under Cl