( 1 ) PETITIONER No. 1 claims itself a wholly owned subsidiary Company of petitioner No. 2 having its Registered Office at New Delhi. Petitioner No. 2 is a foreign Company having its registered office at Denmark and is the Parent Company of Petitioner No. 1. Mr. Kuldip Nar is the duly constituted Attorney of Petitioner No. 2 and is also the Director of petitioner No. 1. He has been duly authorised to file this petition, engage advocates, sign pleadings and take all such steps as required for the proper conduct of the case.

( 2 ) THE petitioners have through this petition sought appointment of an Arbitrator for entering into the disputes and differences that have arisen due to the non-performance of Agreement dated 7. 1. 99 by the respondent as the latter has failed to appoint the Arbitrator despite notice given by the petitioner. Respondent is a company incorporated in,india and is in the business of developing various types of Software.

( 3 ) PETITIONERS entered into an Agreement with the respondent on January, 1999 at New Delhi and as per this Agreement the petitioners were the "buyers" who engaged the services of the Respondents who were the "sellers" to develop the