Prathiba M. Singh, J.

1. This hearing has been held through hybrid mode.

BRIEF FACTS

2. The present petition under Section 8 of the Arbitration Act, 1940 (hereinafter referred as the ‘1940, Act’) has been filed by the Petitioner - MMTC Ltd. seeking appointment of an Arbitrator in place of the Arbitrator appointed vide order dated 17th September, 2014 i.e., Justice V.S. Aggarwal (Retd.,), who had recused/resigned.

3. The proceedings in this case have a long and chequered history. The Petitioner is engaged in the business of exporting gold jewellery through its associates to various countries. One such associate was Late Mr. L.C. Madan- Respondent with whom an agreement was executed on 23rd February, 1993 for export of gold jewellery. The Petitioner in the present case agreed to sanction a Packing Credit Limit of Rs. 40 Lacs in favour of the Respondent and further sanctioned a Packing Credit Limit of 8kg Gold.

The arbitration clause in the said agreement reads as under:

“11. In the event of any question of dispute arising under or out of relating to the construction, meaning and acceptance or effect of this contract or breach thereof, the matter in dispute shall be ref