1. This application under Sections 10 and 11 of the Arbitration and Conciliation Act, 1996 (for short 'the Act of 1996') has been filed by the applicant Singhal Construction Company, which is a partnership firm, through its partner Gopal Chand Singhal, with the prayer that an independent arbitral tribunal may be appointed for resolution of its disputes with the respondents.

2. Factual matrix of the case as averred in the application is that the applicant is a partnership firm registered as 'A' class contractor with the Public Works Department. The respondents invited tender for construction of 5 Links Roads under MDFF Packages. Offer of the applicant being found lowest, the respondents accepted the same and awarded contract for aforesaid construction to the applicant vide order dated 17.10.1998. Estimated cost of the work was Rs. 69,92,335.00 and stipulated time for completion of work was 15 months from 11.10.1998. Thus, date of commencement and completion of work were fixed respectively as 11.10.1998 and 10.01.2000. The applicant deposited a sum of Rs. 3,49,000/- as performance guarantee/bank guarantee in favour of the respondents. In order to execute the work an Agreement 1