1. The applicant has filed the present application, under Section 11 of the Arbitration and Conciliation Act (hereinafter referred to as ‘the said Act’) seeking appointment of an independent arbitrator to adjudicate upon the disputes having arisen between the parties.

2. The short facts necessary for deciding the present application are that the applicant is a film financer and the respondent is carrying on the business of production of cinematographic films. The respondent having approached the applicant to finance for the production of the film ‘Chupa Rustam’, the applicant had agreed to finance a sum of Rs.1,06,75,000/- to the respondent. It appears that thereafter the production of the film was stopped for want of funds, and the agreement dated 8/4/1998 was entered into between the parties, known as “World Right Agreement”. Copy of the said agreement is produced on record at Annexure-3. It appears that thereafter again some differences and disputes arose between the parties, and another agreement with reference to the said “World Right Agreement” was entered into between the parties on 21/7/2001 (Annexure-4) in respect of the said film. In the said agreement dated 21