1. This Application has been filed under Section 11 (6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act), seeking appointment of a Sole Arbitrator to adjudicate upon the disputes/claims between the Petitioner and the Respondent in accordance with Clause 33 of the Lease Agreement entered into between them on 27.1.2001.

2. According to the Petitioner, it is a reputed Public Limited Company engaged in the business of extending finance facilities as a Non-Banking Finance Company to prospective customers under various schemes such as Loans, Hire Purchase, etc. The Respondent approach the Petitioner for availing least finance facility and the Petitioner extended the said facility to the Respondent. The parties entered into a Lease Agreement bearing No.7200018 on 27.1.2001 for finance of the purchase of Parabolic Leaf Springs Automation and Hydraulic Systems with Servo Control. The Respondent under took to pay the monthly lease rentals to the Petitioner on the due dates mentioned in the Agreement. However, since the very inception of the Agreement, the Respondent had been irregular in making payments of the monthly rentals and had defaulted in