JUDGMENT

R.V. RAVEENDRAN, J.—

This petition under section 11(5) of the Arbitration and Conciliation Act, 1996 (‘Act’ for short) is filed for appointing a sole arbitrator to adjudicate upon the disputes between the petitioner and respondent.

2.The petitioner alleges that the respondent entered into an agreement dated 28.2.2005, agreeing to purchase from the petitioner 40,000 MT (plus or minus 10%) of iron-ore fines at FOB price of US$ 50 per dry MT, subject to the terms and conditions of the said agreement. Clause 17 of the said agreement providing for settlement of disputes by arbitration is extracted below :

“17. Arbitration: Any dispute arising out of or in this connection with this contract or the execution thereof shall, to the extent possible, be settled amicably by negotiation and mutual agreement between the Seller and the Buyer. If no settlement can be reached in this way, the matter in dispute shall then be referred to and finally resolved by arbitration in Hong Kong in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any other statutory modification, enactment or amendment thereof for the time being in force.”

3.The petitioner alleges that respon