A. K. SIKRI, J.

These three applications under Sections 7, 8 and 11 of the Arbitration and Conciliation Act, 1996 (in short 'the Act') are filed by the applicant for appointment of an arbitrator for the purpose of adjudicating the disputes, differences, claims and questions which have arisen between the parties. All the applications involve same question of law, to be decided under similar set of facts, for sake of convenience, facts of Arb. P. No. 162/99 are noted.

The applicant is a non-banking financial company. In the year 1995 it agreed to grant lease finance for purchase of certain equipments to the respondent no. 1, which is also a company incorporated under the Indian Companies Act. The lease agreement dated 29th March, 1995 was entered into between the parties. Certain equipments, details whereof are given in para 7(d) were purchased and leased out to the respondent no. 1. Respondent no. 2, who is Chairman of respondent no. 1 - company stood guarantee for repayment of the amount and signed deed of guarantee. Respondent no. 1 also executed demand promissory note for a sum of Rs. 43,88,472 which was forwarded to the applicant under the cover of its letter dated 31st