VIBHU BAKHRU, J.

1. The petitioners have filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter ‘the Act’) impugning an arbitral award dated 20.03.2016 (hereafter ‘the impugned award’) passed by the Arbitral Tribunal comprising of three arbitrators (Panel no. 1 of Delhi Hindustani Mercantile Association - hereafter ‘the Arbitral Tribunal’).

2. By the impugned award, the Arbitral Tribunal has awarded a sum of Rs.1,72,63,398/-along with pendente lite interest and future interest at the rate of 15% per annum. The said amount of Rs.1,72,63,398/-comprises of a sum of Rs.98,84,438/- being the balance amount held to be payable by the petitioners in respect of goods purchased by the petitioner no.1; Rs.73,45,960/- as interest at the rate of 18% per annum till 21.12.2010; Rs.11,000/-as charges for the notice; and Rs.22,000/-as costs of the arbitration proceedings.

3. The petitioners claim that there is no arbitration agreement between the parties and, therefore, the Arbitral Tribunal had no jurisdiction to render the impugned award.

4. Briefly stated, the relevant facts necessary to address the aforesaid controversy are as under:-

4.1 The r