Heard the learned counsel for parties.
2. In the given facts and circumstances of the case, it is agreed as under:- (1)The petitioner will present all materials in support of its claim to the respondent within two weeks and the respondent will in turn thereafter examine the same and endeavour to settle the claim, if possible, within a period of six weeks thereafter. If such resolution takes place, then there would be no need for arbitration. (2)If, however, no mutual agreed settlement is arrived at, the respondent will suggest a panel of three Arbitrators unconnected with the contract in question and the petitioner would select one of them as an Arbitrator, since the amount in question is only about Rs.5.00 lakhs. (3)The Arbitrator in such a situation would endeavour to conclude the proceedings within a maximum period of six months of the petitioner so electing the Arbitrator.
3. The original petition, accordingly, stands disposed of, leaving the parties to bear their own costs.
(S.K.K., CJ.) 27.01.2017 bbr The Hon'ble Chief Justice bbr O.P.No.699 of 2016 27.01.2017