( 1 ) THIS is an application filed under section 11 (3), (4) and (6) of the Arbitration and Conciliation Act, 1996 (for short "the new Act") read with Para 2 of the Scheme for Appointment of Arbitrators framed by the Chief Justice of this Court under sub-section (10) of Section 11 of the Arbitration and Conciliation Ordinance, 1996, to appoint an Arbitrator on behalf of the respondents or in the alternative a sole arbitrator to resolve the dispute that arose between the applicant and the respondents.

( 2 ) THE facts (as stated in the application) leading to the filing of this application, in brief, are the following: the applicant is Non-Banking Financial company. The 1st respondent herein is a private Limited Company and the 2nd respondent is its Managing Director. The respondents approached the applicant for providing finance for purchase of a coal- fired boiler worth about Rs. 30. 00 lakhs. The applicant agreed to do so. The parties then executed a lease agreement on 11-3-1996. That agreement, inter alia, provides, in clause 24, for resolution of disputes between the parties by arbitration. The said clause is as under:"24. Arbitration: All disputes, differences,