This a petition filed under Section 11 of the Arbitration and Conciliation Act, 1996, with a prayer that a sole arbitrator may be appointed to decide the disputes pending between the petitioners, namely, M/s. Bharat Hydro Power Corporation Ltd. (for short, BHPCL) and M/s. Subhash Projects and Marketing Ltd. (for short SPML), of the one part, and the Assam State Electricity Board (for short, ASEB), of the other part. The disputes between the parties, as indicated by the petitioners are those as referred to in the letter of demand dated 17-8-96, by which it was informed to the respondents that the petitioners had appointed their arbitrator and the respondents were called upon to appoint their arbitrator within 30 days of receipt of the said letter. Since the respondents failed to appoint their arbitrator, therefore, the present petition has been preferred by the petitioners.

2. A Memorandum of Understanding (hereinafter to be called MOU) was entered into and signed on 25th March, 1993 by SPML and the ASEB under which 100 MW capacity Karbi Langpi (Lower Borpani) Hydro Electric Power Generation Project was to be transferred by the ASEB to a Registered Public Company to be form