ORAL ORDER

This Civil Miscellaneous Petition is filed under Section

11(5) of the Arbitration and Conciliation Act, 1996 seeking appointment of a sole arbitrator to resolve the dispute and differences between the parties herein in terms of Clause 29.1 of the Loan Agreement dated 10.07.2017 as per Annexure-B.

2. The petitioner has approached this Court based on the Loan Agreement dated 10.07.2017. Respondents No.1 to 5 had availed a short-term loan of Rs. 20,00,00,000/- at an interest rate of 24% per annum. The petitioner claims that the respondents failed to comply with the demand made in the legal notice, prompting the issuance of another notice on 18.02.2023, demanding repayment of the loan amount along with interest, as per Clause 29 of the Loan Agreement. As no response was received from the respondents, a second notice was issued on 18.05.2023, invoking Clause 29.1 of the agreement and triggering the arbitration clause.

3. After the notices were issued, the respondents appeared before this Court through their counsels.

4. Upon reviewing the annexures submitted with the Civil Miscellaneous Petition, this Court is satisfied that the petitioner has met the requirements stipulated unde