M/S. Wexford Financial Inc Panama vs Bharat Heavy Electricals Ltd

The Supreme Court, while adjudicating the Arbitration Petition under Section 11(5) and Section 11(12) of the Arbitration and Conciliation Act, 1996, held that the petitioner, M/s. Wexford Financial Inc., is entitled to the appointment of a sole arbitrator to resolve disputes arising from the Service Provider Agreement with Bharat Heavy Electricals Ltd. The Court emphasized the necessity of arbitration in commercial disputes and affirmed the validity of the agreement stipulating a fee of 1.1% of the contract value. The petition was allowed, leading to the appointment of an arbitrator.