The Court:
1. This is an application for appointment of a learned Arbitrator in terms
of the arbitration agreement appearing under Clause 29 of the loan
agreement. The dispute arises out of non-payment of the loan amount
as per the repayment schedule. The petitioner alleges default. The
learned advocate for the petitioner submits that substantial amount is
due and payable.
2. This application has been rightly filed before this Court as the
procedure prescribed under Clause 29 is no more permissible in view of
the bar under Section 12(5) of the Arbitration and Conciliation Act,
1996. The lender cannot appoint an Arbitrator under the present law.