( 1 ) THIS application raises an important point of law which, on the facts of the present case, appear to be a matter of first impression. The petitioner-company has made the present application under Section 8 of the Indian Arbitration Act, 1940, for the appointment of one Mr. N. S. Tayebji, retired Chief Engineer, Eastern Railway, as the Arbitrator in place of one of the appointed Arbitrators Mr. K. Ramani. The circumstances under which the application has been moved may be stated as follows.

( 2 ) THE petitioner entered into an agreement on February 2, 1963, with the respondent for construction of certain Railway quarters at Dhanbad. The said agreement contains an arbitration clause which is Clause 63, the relevant provision of which are stated below:- arbitration : (A) Matters in question, dispute or differences to be arbitrated upon shall be referred for decision to: (i ). . . . . . . . . (ii) Two Arbitrators who shall be Gazetted Officers of equal status to be appointed in the manner laid down in Clause 3 (b) for all claims of Rs. 50,000 and above, and if all claims irrespective of the amount or value of such claims, if the issues involved are of a complicat