SIDDIVINAYAK REALTIES PRIVATE LTD. A COMPANY REGISTERED UNDER PROVISIONS OF COMPANIES ACT, 1956 Vs. TULIP HOSPITALITY SERVICES LIMITED A LIMITED COMPANY REGISTERED UNDER PROVISIONS OF COMPANIES ACT, 1956,

JUDGEMENT

(1.) THE petitioners -original respondents have preferred the present arbitration petition by invoking section of the Arbitration and Conciliation Act, 1996 (for short, "the Arbitration Act, 1996") and thereby challenged a preventive order, passed by the learned Arbitrator, (the tribunal) dated 23rd June, 2006, on an application for interim measure under Section 17 of the Arbitration Act, 1996, preferred by the respondents -original claimants.

(2.) THE relevant portion of the operative part of the impugned order is as under: 26. As parties are prevented from proceeding before the Escrow Agents, in my view, the Arbitration proceedings should be concluded expeditiously. On a suggestion to this effect, parties have readily agreed to expedite the proceedings. Thus by consent of parties I vary the directions given on the 27th day of April, 2006 as follows:

(3.) THE relevant Clauses of the MAPA for the purposes of the present Arbitration Petition are Clauses 14, 15.3.2, 16 -B and 19 which read thus: