1. This application under Sections 10 and 11 of the Arbitration and Conciliation Act, 1996 has been preferred by proprietorship firm M/s. Anandilal Lalpuria through its proprietor Anandilal Lalpuria, inter-alia, with the prayer that an independent arbitrator may be appointed to resolve its dispute with the non-applicant. Applicant firm is engaged in construction, supply and other allied work under contractor ship business. Applicant is approved contractor by railway administration. The non-applicant invited tenders for work of “JP-Up-gradation of existing Rly. Hospital Jaipur to the level of Central Hospital by construction of new buildings for IPD with parking facility and modification in existing hospital building”. The NIT for this purpose was published and tenders were opened on 23.07.2010. Offer of the applicant, being lowest, was accepted by the non-applicant vide letter dated 21.09.2010. Estimated costs of the work was Rs.10,17,69,187.14 and time period fixed for its completion was 11 months. Scheduled date of commencement and completion of the work was 21.09.2010 and 22.08.2011, respectively. An agreement was also executed and signed on 27.12.2010. Applicant deposite