JUDGMENT

B P Colabawalla, J. - The present Arbitration Petition is filed by the petitioners under Section 34 of the Arbitration and Conciliation Act, 1996 (for short the "Arbitration Act") challenging the Award dated 4th August, 2019 passed by the Sole Arbitrator.

2. At the very outset, respondent No.1 has taken a preliminary objection that this Court does not have jurisdiction to entertain the present petition filed under Section 34 of the Arbitration Act. Respondent No.1 has urged that before the petition be entertained on merits, the issue of jurisdiction of this Court be decided first.

3. In order to decide the preliminary issue of jurisdiction, it would be necessary to set out some brief facts. The arbitration clause in the loan agreement executed between the parties reads as under:-

"In the event of any dispute or differences arising under this Agreement including any dispute as to any amount outgoing, the real meaning or purport thereof ("Dispute"), such Dispute shall be finally resolved by arbitration. Such arbitration shall be conducted in accordance with the provisions of the Indian Arbitration and Conciliation Act, 1996 or any amendment or re-enactment thereof by a single a