JUDGMENT :

1. Heard Sri Ashish Kumar, learned counsel for the applicant and Sri Arun Kumar, learned counsel for the respondent-Development Authority.

2. This application under Section 11(4) and 11(6) of Arbitration and Conciliation Act, 1996 (hereinafter referred to as “Act, 1996”) has been filed for appointment of an independent Arbitrator, preferably a retired Judge of this Court.

3. Facts, in nutshell, are that on 26.02.1985, Allahabad Development Authority (Now known as Prayagraj Development Authority, for short “Authority”) framed a project for construction of Multi-Storey Complex at Clock Tower, Chowk then Allahabad (now Prayagraj). Tender, inviting for construction of Commercial Complex, was issued on the said date. Cost of project was quantified approximately at Rs.57 lakhs. Applicant-Company being the lowest bidder, the bid was accepted on 19.03.1985 and an agreement was entered between the parties on 04.04.1985 for construction of two-storey Commercial Complex, to be completed within six months from the date of commencement. However, at a later date, the said project was changed to four-storey Complex along with one Powerhouse building and the cost was also varied. The con