JUDGMENT

V. Kameswar Rao, J. This is a petition filed under Section 11 (6) of the Arbitration & Conciliation Act, 1996 (`Act of 1996', for short) with the following prayers:

"IN THE PREMISES STATED ABOVE, IT IS, THEREFORE, RESPECTFULLY PRAYED THAT THIS HON'BLE COURT MAY BE PLEASED TO:

a). allow the present petition and appoint a Sole Arbitrator to adjudicate upon the disputes-between the parties;

b). pass such further orders or directions as this Hon'ble Court may deem fit, appropriate and proper in the facts and circumstances of the present case."

2. The Petitioner No.1 is a Government of India Enterprise working in the field of Research & Development of indigenous technology and processes. It grants licenses upon payment of royalty for using such technology/processes by entrepreneurs. It is an admitted position that an agreement dated March 06, 2002 was executed between the petitioners and the respondent (which is an incorporated entity under the Companies Act, 1956) for a period of twelve years. Vide the agreement the respondent was given financial assistance to the tune of Rs.92 Lacs under the `Programme Aimed at Technological Self Reliance' Scheme (`PATSER Agreement', hereinaft