( 1 ) THIS Arbitration Application is filed under Section 11 of the Arbitration and conciliation Act, (for short "the New Act") read with Para 2 of the Scheme for appointment of Arbitrators framed by the chief Justice under sub-section (10) of section 11 of the Arbitration and conciliation Ordinance, 1996 (hereinafter referred to as "the Scheme") seeking appointment of an independent Arbitrator for adjudicating the disputes that arose between the parties in connection with the termination of the services of the applicant under Clause 7 of the Contract of Service entered into between him and the respondent-Company on 31-1-1995.

( 2 ) THE facts leading to filing of this application, in brief, are: the applicant was appointed in the managerial Cadre of the respondent-Company on 7-11-1979 at their Pune branch. On 16-7-1990 he was posted as branch Manager at the Bhopal Branch. On 31-1-1995 he was promoted to the Senior managerial Cadre in the respondent-Company and on the very same day i. e. , on 31-1-1995, a Service Contract was executed by and between the parties. Clause 7 thereof provides for settlement of all disputes between the parties by Arbitration, which reads t