S. Muralidhar, J.:--

Caveat No. 195 of 2015

1. Since learned counsel for the Respondent has put in appearance, the caveat stands discharged.

ARB. A. No. 10 of 2015

2. This appeal under Section 37 of the Arbitration and Conciliation Act, 1996 (‘Act’) is directed against an order dated 30th December 2014 passed by the sole Arbitrator rejecting an application filed by Appellant No. 2, Purnandu Shekharmal Jain (A-2) praying that in view of the Appellant No. 1 Ankur Drugs & Pharma Ltd. (A-1) being in liquidation and also having preferred a reference under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), the arbitration proceedings against A-2 should not continue.

3. The brief facts necessary for the purposes of the present appeal are that the disputes between Respondent No. 1 S. E. Investments Ltd. (SEIL) and the Appellants arising out of the loan agreement dated 28th June 2010 were referred to a Sole Arbitrator. A-2 stood as Guarantor for the loan availed by A-1 and was party to the arbitral proceedings.

4. It is also not in dispute that A-1 is under liquidation. It has also applied under the SICA before the Board of Industrial and Financial Reconstruction (BIFR