ORDER :-By this application under Section 11 (6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to the Act), the applicant seeks appointment of an Arbitrator for adjudication of the dispute between the parties.

2. It is stated that the applicant is a Company registered under the Companies Act, 1956 carrying on business of manufacturing of Power and Distribution Transformers in India. The respondent is also a company registered under the provisions of the Companies Act, 1956 and carrying on business of trading by exporting the goods manufactured in India to outside the country. In the process of its business, the respondent entered into a purchase agreement with the applicant on 25-6-2003 for the supply of 2000 nos. distribution transformers in three lots along with other spare parts to Zarka Free Trade Zone, Zordan for a total contract price of Euros 3,283.308.00, which is equivalent to 1NR 17,06,49,933.00 (at a notional exchange rate of 1 Euro = Rs.51.975). It is stated that the price stipulated under the terms of the purchase agreement is subject to the variation of the exchange rate between the Euros against the Indian Rupees as on the date of the supply. It

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