JUDGMENT :

Manindra Mohan Shrivastava, C.J.

1. By instant application under Section 11(5) read with Section 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act of 1996), the applicant has prayed for appointment of an Arbitrator for settlement of dispute between the parties on the pleadings, inter-alia, that the applicant, a partnership firm registered as micro scale industry under the provisions of Micro Small Medium Development Act, 2006, and engaged in the business of manufacturing of glassware, glass bottle, glass bangles and other glass items, submitted its offer pursuant to notice inviting E-bid for rate contract of new glass nips 180 ml and bottles 750 ml with/without corrugated boxes for country liquor and emerged as lowest bidder. A letter of acceptance dated 13.08.2021 was issued intimating that the bid of the applicant has been accepted. The applicant was directed to provide performance security guarantee of the amount equivalent to 2.50% of the cost of contract. It was also informed that terms and conditions, as mentioned under the bid document, shall be applicable over the said work. Thereafter, the applicant submitted performance gua