JUDGMENT

Sachin Datta, J. The present petition under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the "A&C Act") seeks constitution of an independent Arbitral Tribunal consisting of three arbitrators to adjudicate the disputes that have arisen between the parties.

FACTUAL BACKGROUND

2. The disputes between the parties have arisen in the context of a Request for Proposal (hereinafter referred to as "RFP") issued by the respondent for "Selection of Digital Entertainment Service Provider (DESP) for delivering Content on Demand (COD) services on Build Own Operate (BOO) model for Indian Railways". The said work was awarded to the petitioner no.1 vide Letter of Award dated 14.01.2020 (hereinafter referred to as "LOA"). The petitioner no. 2 had issued the Performance Bank Guarantee (hereinafter referred to as "PBG") and the Bank Guarantee (hereinafter referred to as "BG") under the RFP and LOA for and on behalf of the petitioner no. 1, and is stated to be a proforma party in the present petition.

3. Various communications were exchanged between the parties in relation to: (i) Execution of contract in terms of the LOA and its effective date; (ii) Ext