1. By this petition filed under section 14(2) and section 32 (2) of the Arbitration & Conciliation Act, 1996 (for short “the Arbitration Act”), the petitioners have prayed for condonation of delay, if any, in filing this petition and pray that the Procedural Order Sheet No.3 dated 7th February, 2016 and Procedural Order Sheet No.4 dated 16th March, 2016 passed by the learned arbitrator thereby terminating the arbitral proceedings and refusing to take statement of claim on record by condoning the delay in filing the statement of claim and for recalling of the order terminating the arbitral proceedings be set aside. The petitioners have also prayed for an order and direction against the learned arbitrator to accept the statement of claim annexed as Exhibit – R along with annexures filed by the petitioners with the learned arbitrator on 24th February, 2016. Some of the relevant facts for the purpose of deciding this petition are as under :

2. The petitioners were the original claimants in the arbitral proceedings, whereas the respondents herein were the original respondents.

3. It is the case of the petitioners that the petitioners and the respondents became the shareholders o