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The disputes inter se the parties arise from an agreement of sale dated 25.06.2010, containing Clause 24 as the Arbitration Clause, which reads as under:

Any dispute between the parties shall be referred to a sole arbitrator to be appointed by the parties by mutual consent. The proceedings shall be conducted in English language and the venue of arbitration shall be Chennai. The parties agree to a fast track arbitration and shall be disposed of within 90 days from the date of reference. The arbitrator shall be entitled to pass interim award. The award of the arbitrator shall be final and binding on the parties.