1. The present petition has been filed under Section 11 (6) of the Arbitration and Concilation Act, 1996 r/w Clause 2 of the Appointment of Arbitrator's Scheme by the Chief Justice of Madras High Court's Scheme, 1996, for appointment of an independent sole Arbitrator to resolve the disputes between the parties arising out of the Insurance claim under Policy No.710700/11/13/01/00000035.

2. The petitioner company is public limited company engaged in the manufacture of Poly woven bags, having substantial portion of equity shares held by the public. The company has been insuring their manufacturing units covering stocks, plant and machineries and other fixtures for the last 20 years and no prior claim has been made.

3. It is the case of the petitioner that they took insurance coverage for their manufactured goods under the Standard Fire and Special Perils Policy from the respondent/New India Assurance Company, for a total sum of Rs.24.15 Crores, which was subsequently enhanced to Rs.27.15 Crores during the policy period from 01.05.2013 to 30.04.2014, covering the stocks in its Factory units at Ponneri, Athipedu and Cholavaram. The petitioner had already insured plant and machine