JUDGMENT :

G.S. Kulkarni, J.

This is a petition under Section 11 of the Arbitration and Conciliation Act, 1996 (for short, "the Act") whereby the applicants pray for appointment of an arbitral tribunal as per the General Conditions of the Contract (for short, "GCC"), for and on behalf of parties, for adjudication of the disputes which are stated to have arisen under the Contract Agreement dated 9 January 2009 for the work of "planning, design, development, construction/manufacture/supply, testing & commissioning the Monorail system including its operation and maintenance from Sant Gadge Maharaj Chowk Wadala Chembur Station" (for short, "the contractual work").

2. The factual antecedents in which the controversy arises may be illustrated by the following facts:-

The applicants-Larsen & Toubro Limited and Scomi Engineering BHd. established an unincorporated consortium ("the applicants") under a consortium agreement dated 4 June 2008, to participate in the 'Request for Proposal' (RPF), issued by the respondent for implementation of the said Monorail project.

3. On 15 July 2008 the app