This application as per provisions of Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act of 1996') is preferred for appointment of arbitrators in consonance to clause 31 of the lease deed dated 5.4.2000 executed between Nakoda Granite & Marmo Pvt. Ltd. and respondent Shri Yogendra Singhvi, Director, Rajputana Granite & Marmo Pvt. Ltd.

As per conditions of the lease deed, property of the applicant company was on lease with the respondent for a period of five years w.e.f. 5.4.2000 against payment of lease money @ Rs.1,91,000/-per month. A security in a tune of Rs.15,00,000/- was furnished by the respondent.

The lease deed came to an end on 31.3.2005 and as per the applicant, the respondent was supposed to hand over possession of the property on 31.3.2005 itself, but that was actually done on 30.4.2005. No lease money was paid nor any account was given by the respondent while handing over possession of the leased property. Beside the above, as per the applicant, certain other disputes relating to sales tax recovery, machinery work, repairing work and quantum of interest accrued were existing between the parties.

Clause 31 of the leas