Manmohan Singh, J.

1. By this order I shall propose to dispose of the present petition filed under Section 9 of the Arbitration & Conciliation Act, 1996 seeking an interim order inter alia restraining the Respondents, their officers, employees, agents and representatives from: (i) appropriating the funds in the bank account of Cavern Hotel & Resorts FZCO, the Respondent No. 2, with HSBC Bank Middle East Limited ("HSBC") until conclusion of the arbitration proceedings; (ii) taking any steps to seek additional contribution from the Petitioners; (iii) causing the Respondent No. 2 to make any payments to AI Furjan LIC ("AI Furjan"), a subsidiary of Nakheel PJSC ("Nakheel") and affiliate of Respondent No. 1, until conclusion of the arbitration proceedings; and (iv) unilaterally operating the bank account of the Respondent No. 2 with HSBC or any other bank account of the Respondent No. 2.

2. There are three Respondents namely Lost City Developments LLC, Cavern Hotel & Resort FZCO and Dubai World. The case of the Petitioners is that in pursuance to the Joint Venture Agreement dated 15.02.2007 Nakheel and Bharat Hotels Limited, the Petitioner No. 3, acting through their respective su