S. RAVINDRA BHAT, J.

1. The appellants, under Section 37 of the Arbitration and Conciliation Act, question the order of a learned single judge under Section 9, directing them to deposit Rs.579 crores in court. The respondents to this appeal moved the applications (hereafter referred to as “the petitioners”).

2. The petitioners were the shareholders of SpiceJet, the original first respondent (hereafter called “the company” or “SpiceJet”) owning 35,04,28,758 equity shares, constituting 58.46% of the share capital of which 26,73,70,826 Equity Shares were free from all encumbrances and 8,30,57,932 equity shares were encumbered with different lenders. In 2013-2015, SpiceJet faced acute financial crisis that caused it difficulties in maintenance of its fleet, staff and operational integrity. The petitioners wished to revive the company and bring it back to the path of financial health. By a Loan Agreement dated 18.12.2013 (hereinafter "First Agreement"), Rs. 75,00,00,000/- (Rupees Seventy Five Crores only) was given by the petitioner to the company. This amount was later reduced by another agreement (dated 07.11.2014) by which parties agreed to reduce the amount of Rs. 10,40,83,8