JUDGEMNT

K.M. THAKER, J.

1. The applicant No. 1 in present application is the original defendant No. 1 and applicant No. 2 is the original defendant No. 2 in the Admiralty Suit No. 9 of 2009.

2. In present application, the applicants have prayed, inter alia, that:-

“10. (a) The Admiralty Suit No. 9 of 2009 filed by the opponents in this Hon'ble Court be stayed in view of the binding arbitration agreement between the parties.

(b) The Letter of Undertaking dated 12th August, 2009 furnished by the London Steam-ship Owners' Mutual Insurance Association Ltd. in favour of the opponents to secure the release of the first applicant vessel be returned to the applicants duly discharged.”

3. The original defendants i.e. present applicants have taken out present application in the pending Admiralty Suit filed by present opponent against present applicants wherein present opponent has, inter alia, prayed for arrest of the applicant No. 1 vessel and other relief including the request for order and decree in its favour and against present applicants in the sum of Rs. 15,43,78,835/-.

4. In the suit taken out by present opponent, the Court granted ex-parte order dated 29.7.2009 whereby direction for