By this application filed under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter 'the Act' for short), applicants seek appointment of arbitrator invoking Clause-20 of the Deed of Kaydee Family Trust executed on 6th April 1983 which is at Exhibit-A to the application. Clause 20 of the said Trust Deed reads as under:

“20) subject to contents of para 9 of this trust deed, every dispute or differences regarding the interpretation of any of the clauses or provisions or the contents of this Trust Deed or between the Trustees, or the Trustees and beneficiaries, or the beneficiary interse regarding the rights, titles or interest flowing or arising from this Trust Deed or consequential thereto shall be resolved in pursuance of the provisions of Indian Arbitration Act, 1940 or any other Statute in force in its place and the decision of arbitrator or arbitrators, as the case may be, shall be final and binding to the parties to such arbitration.

2. The applicants are beneficiaries of the first respondent trust which is a private family trust formed by Deed of Trust dated 6th April 1983 for the benefit of six minors. Out of six minors, three of whom, are the applica