- (1.) This application has been filed under Section 11(6) of the Arbitration and Conciliation Act , 1996 (hereafter 'the Act of Rs.1996') for appointment of an independent sole arbitrator for adjudication of the purported disputes and differences arising between the parties in respect of agreement No.EED/10 of 2016-17 dated 13-4-2016 for works of construction of 4 lane Railway Over Bridge (ROB) for railway crossing No.C-33 on Kishangarh-Hanumangarh Road KM 149 Degana-Ratangarh Railway Line (Km 380/180) (hereafter the works) for which work order had earlier been issued on 4-4-2016.
(2.) The case of the applicant-company is that following a NIT for the works in issue, M/s. Khurana Engineering Ltd. (Ms.KEL) submitted its bid which being the lowest was accepted. Subsequently M/s. KEL and one M/s Maya Construction Company Pvt. Ltd. (M/s.MCCPL) in terms of the conditions of the bid formed a joint venture for the purpose in the name and style of MSKEL-MCCPL (JV). A joint venture is a business arrangement in which two or more parties agree to pool in their resources for the purpose of accomplishing a specific task, albeit such venture is separate from each of the entity's other businesses. The constituents of the JV continue with their independent corporate identity for other businesses.
(3.) The case of the applicant JV is that following the issue of the work order dated 4-4-2016 and agreement dated 13-4-2016 requisite steps for the execution of the works were taken and works to an extent of Rs.3,03,27,008/- as on 1-3-2017 executed. Running bills for the said amount were submitted. There against earlier an amount of Rs.2,56,20,339/- was paid and then was paid the remainder sum of Rs.47,06,998/-, albeit on issue of a no claim certificate extracted by the non applicants by virtue of their dominant position and the economic compression of the applicant in desperate need of funds for other projects.;