JUDGMENT :

(Moushumi Bhattacharya, J.)

I. Introduction

1. This is an application under section 14 of The Arbitration and Conciliation Act, 1996, for termination of the mandate of the Ld. Sole Arbitrator and stay of all further proceedings in the arbitration pending disposal of the present application.

2. The dispute between the petitioners and the respondents arises out of an Agreement for Arbitration made on 24.3.2018 wherein the respondent no. 1 was described as the “Investor”. The Arbitrator was appointed under clause 3, the material part of which is set out below:

“Clause 3. Any dispute(s), difference(s) and/or claim(s) arising in connection with the Transaction or as to the construction, meaning or effect thereof in relation to any Transaction Document or as to the rights and liabilities of the Parties under any Transaction Document shall be settled by arbitration in accordance with the Arbitration and Conciliation Act, 1996, or any statutory amendments, modifications and/or replacements thereof and the rules framed thereunder, which shall be referred to a sole arbitrator to be appointed by the Investor. The seat of the arbitration shall be India and the venue of the arbitrati