By this revision application under Section 115 of the Code of Civil Procedure, the petitioners/original claimants are challenging the judgment and order dated 13/01/2015 passed by the learned Principal District and Sessions Judge, South Goa, Margao in Arbitration Application No.10/2013. By the impugned judgment the learned District Judge has dismissed the application thereby confirming an order dated 6/07/2013 passed by the learned Arbitrator upholding an objection raised under Section 16(2) of he Arbitration and Conciliation Act, 1996 ('The Act', for short) and thereby rejecting the claim filed by the petitioners.

2. The facts necessary for the disposal of the petition may be stated thus:

That the petitioner no.1 is a company incorporated under the Companies Act, 1956 with its registered office at Mumbai. It is engaged in the business of running hotels and other activities in the hospitality industry since about 1997. The petitioner no.2 is the Chairman of the petitioner no.1. The petitioner no.2 was erstwhile a Chairman and Managing Director of Taj Group of Hotels and is having a name and experience in the hospitality industry.

3. The first respondent Trade Wings Ltd. (TWL)