Soumen Sen, J.—The initiation of an arbitration proceeding on the basis of an arbitration clause in an agreement by appointment of an arbitrator at the instance of a borrower when a proceeding under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the “RDB Act”) is pending before the Debt Recover Tribunal, is the central issue in this application for appointment of an arbitrator.

2. The respondent contends that the recovery of RDB Act is a special statute and all disputes coming within the purview of the said Act can only be adjudicated by a Tribunal duly constituted under the RDB Act.

3. Mr. Abhrajit Mitra, learned Senior Counsel appearing on behalf of the petitioner submits that the parties have voluntarily agreed to have all there disputes and differences adjudicated by way of arbitration and in view of Sections 5 and 8 of the Arbitration and Conciliation Act, 1996 the Tribunal is precluded from proceeding with the application filed by the Bank under Section 19 of the RDB Act. It is submitted that although in the event it is contended and held that Section 5would not apply to a proceeding before the Tribunal