JUDGMENT

Prathiba M. Singh, J. - This hearing has been done through hybrid mode (physical and virtual hearing).

2. The Petitioners are stated to have availed of a loan facility with Kotak Mahindra Bank (hereinafter, 'Bank'). The total loan disbursed to the Petitioners was Rs.15,00,000/-. A total amount of Rs.12,88,555.20/- is outstanding, though, the Petitioners have made several representations to the Bank for restructuring of the loan.

3. Various emails were sent by the Petitioners to the Bank for restructuring of the loan, which are annexed along with the petition. However, on 21st November, 2020, the Petitioners received notice dated 4th November, 2020, along with appointment letter dated 2nd November, 2020 by which an arbitrator was appointed by the Bank. The said arbitrator is an advocate based in Chennai. Suddenly, on 21st December, 2020, i.e. within a few weeks of the Petitioners receiving the notice, they received an order dated 7th December, 2020, purportedly passed by the arbitrator.

4. There are two versions of this order dated 7th December, 2020 which are placed on record. In the first version, one Mr. Shorya Verma, has been appointed as the receiver to take possession and