(1.) Rule. Respective learned advocates waive service of notice of Rule for and on behalf of the respective respondents.
(2.) Heard Mr. Mehul Shah, learned Senior Counsel assisted by Mr. Manan Shah, learned advocate for the petitioners, Mr. Shakeel A. Qureshi, learned advocate for respondent Nos.1 to 3 while Mr. Paras K. Sukhwani, learned advocate for respondent No.4.
(3.) In this petition, under Article 226 of the Constitution of India, the petitioners have sought a writ, order or direction declaring that the entire arbitration proceedings initiated and concluded by respondent No.4 and the consequent award dtd. 30/5/2016 are illegal, without jurisdiction and competence, null and void abinitio, without having any force of law and contrary to the settled principle of law. A further prayer is made to set aside the entire proceedings.