JUDGMENT

C.K. Thakker, J. —

1. The present petition is filed by the petitioner under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the Act”) praying to Hon’ble the Chief Justice of India to appoint third Arbitrator as Presiding Arbitrator or to appoint Sole Arbitrator as deemed fit in the facts and circumstances of the case.

2. It is the case of the applicant that it is a Company known as M/s Comed Chemicals Ltd. registered under the Indian Companies Act, 1956. Mr. Ashwani Kapil is the authorized signatory who has approached this Court. It is stated in the application that the Company is doing business in chemicals in the field of bio-technology. To expand the business, the Company floated a subsidiary company in the name and style of Comed Biotech Ltd. For the said purpose, it entered into a Memorandum of Understanding (‘MoU’ for short) and appointed Dr. C.N. Ramchand (respondent herein) on September 4, 2003 for the development of products in the field of bio-industries and manufacturing and marketing of such products. After various meetings and negotiations, terms and conditions were finalized between the parties and the respondent was appoint