S. Muralidhar, J.

1. The Petitioner, Aitreya Limited, a limited company incorporated under the laws of the British Virgin Island, has filed this petition under Section 9 of the Arbitration & Conciliation Act, 1996 (`Act') seeking interim reliefs against Respondent No. 1 Dans Energy Private Limited (`DEPL'), Respondent No. 2 Energy Innovations Limited, Dubai, UAE (`EIL') and Respondent No. 3 Mr. T. Nagendra Rao.

The Investment Agreement

2. Under an Investment Agreement dated 7th March 2008 the Petitioner invested a sum of US$ 2.5 million dollars in EIL with an understanding that EIL shall then re-invest the same in the DEPL which would entitle the Petitioner to a 50% stake in DEPL indirectly through investment in EIL. Under the Investment Agreement, the Petitioner along with its affiliates and/or funds under its direct or indirect management and/or control is collectively referred to as the `Investor'. EIL is referred to as the `Company', DEPL as the `Project Company'. DEPL, EIL and Respondent No. 3 Mr. T. Nagendra Rao & Affiliates (`TNRA') are collectively referred to as `parties'. The recitals of the Investment Agreement state that TNRA owns 100% of the share capital of DEPL which is currently developing the 96 MW Jorethang Loop Hydroelectric Project (`JLHP') in the State of Sikkim in India. Further it was stated that the Investor and its affiliates were currently raising the `Fund' through one of its Affiliates.

3. Under the Investment Agreement the amount of US$ 2.5 million dollars was to be treated as a loan until the Petitioner was satisfied with the due diligence and until further negotiations were confirmed. Under the `Definitions and Interpretation' part of the Investment Agreement, the following terms, which are relevant for the purposes of the present petition, were defined:

"Applicable Law - means all applicable statutes, enactments, acts of legislature or Parliament, laws, ordinances, rules, by-laws, regulations, notifications, guidelines, policies, directions, press notes, directives and orders of any Governmental Authority, tribunal, board, court or stock exchanges and modifications thereof in force from time to time.

First Tranche means the amount of US$ 2.5 million that Aitreya is investing in the Company pursuant to this Agreement, subject to the terms and conditions contained herein, forming a part of the Total Investment Amount.

Fund means the private equity fund being raised by Investor in Mauritius which on the satisfaction of the Second Trenche Conditions Precedent shall have a right to invest up to the Total Investment Amount in the Company.

Further Negotiations means and refers to the good faith negotiations to be conducted amongst the Parties after the First Tranche Completion to discuss and finalize the terms and conditions which are to be made applicable to the Total Investment Amount, including but not limited to corporate structure, share valuation of the First Tranche investment and the Second Tranche investment respectively - The Investor's entitlements to the amount of shareholding in the Company, management rights and information convenants etc., in order to conclude definitive Transaction Documents that will detail all final terms and conditions affecting the Total Investment Amount to the end and effect that the terms and conditions contained in the Transaction Documents to be executed shall supersede the terms contained herein.

Investor collectively means and refers to Aitryea and its Affiliate companies or a Fund under its direct or indirect management and/or control.

Total Investment Amount - means the sum total of the First Tranche and the Second Tranche proposed to be invested by the Investor/Fund in the Company subject to the terms and conditions hereof and such that the Investor is entitled to a 50% stake in the Project Company indirectly through its investment in the Company."

4. Clause 2 referred to `Scope of the Agreement and Governing Principles.' Clause 2.2 reads as under:

"2.2 The Parties ag