Hemant Gupta, J. - (1.) CM No. 16542 -CII of 2011
(2.) EXEMPTION is allowed as prayed for. CM No. 16543 -CII of 2011 Application is allowed. Written statement along with Annexures R -1 and R -2 is taken on record. Arb. Case No. 102 of 2010
(3.) PETITIONER has sought appointment of an Arbitrator in respect of the dispute arising out of lease of Shop No. GF -4 leased to Respondent in a building known as "Flamez Mall" at 755, Gurdev Nagar, Ludhiana, Punjab vide the lease deed dated 7.1.2008. The said Agreement has an arbitration clause which reads as under: 7. Dispute resolution (a) If any dispute arises between the parties hereto during the subsistence of this agreement or thereafter, in connection with the validity, interpretation, implementation or alleged material breach of any provision of this Agreement or regarding a question including the question as to whether the termination of this agreement by one party hereto has been legitimate, the parties hereto shall endeavor to settle such dispute amicably. The attempt to bring about an amicable settlement is considered to have failed as soon as one of the parties hereto, after reasonable attempts which attempt shall continue for not less than 30 days, gives notice thereof to the other parties in writing. (b) All disputes, controversies and differences of opinion arising out of or in connection with this agreement or for the breach hereof which cannot be settled amicably by the parties hereto, shall be settled by arbitration in accordance with the Indian Arbitration and Conciliation Act, 1996 by the sole arbitrator to be appointed by mutual consent, failing which by the Hon'ble High Court of Punjab and Haryana. The parties shall appoint/take steps to appoint the sole arbitrator within 15 days of receiving a notice from the other party in accordance with Clause 7(a) above. The venue of arbitration shall be New Delhi. The parties shall continue to fulfill their obligations under this Agreement pending the final resolution of the dispute and the Parties shall not have the right to suspend their obligations under this Agreement by virtue of any dispute being referred to arbitration.;