SURESH KAIT, J

1. Vide order dated 03.11.2011, this court has passed the following order:-

1. Mr. Arun Bhardwaj, Sr. Advocate appearing on behalf of the petitioners submits that the petitioner No.1 is a Company duly registered under the Companies Act, 1956 and petitioners No.2 and 3 are the Managing Director and Director of the petitioner No.1 respectively. Since the year 2006, respondent no.2 had been doing transactions through the petitioner No.1 at the registered office at GF-1, Abhipra Complex, Dilkhush Commercial Complex, A-387, G.T. Karnal Road, Delhi and also a member of NCDEX, NMCE and MCX.

2. In the year 2006, some differences arose between petitioner No.1 and respondent No.2 in relation to some transactions carried at the aforesaid Exchanges. Consequently, in 2006 respondent No.1 preferred a claim before Arbitration Department of the National Commodity and Derivatives Exchange Ltd. Thereafter, as per its bye-laws and regulations, NCDEX appointed Shri Ajant Kumar as Sole Arbitrator to decide the dispute.

3. Learned Senior Counsel for the petitioners further submits that on 3.10.2006, the learned Sole Arbitrator commenced the arbitration proceedings in arbitration ca