C.L. SONI, J.

1. This petition, filed under Article 226/227 of the Constitution of India, raises a prime issue, amongst several other issues, as to whether, in respect of the matter involved in the Company Petition filed under Sections 397, 398 read with Section 399, 402 and 403 of the Companies Act, 1956 (the Act) before the Company Law Board (the CLB), the arties to the company petition can be referred to arbitration under Section 8 of the Arbitration and Conciliation Act, 1996 (the Arbitration Act).

2. The respondent Nos.2 to 4 have filed Company Petition No.78 of 2013 before the CLB for the following reliefs prayed in para 8 thereof:-

(i) That this Hon’ble Board may be pleased to hold and declare that the emorandum of Understanding dated 9.7.2010 is neither binding on the Company nor on the petitioners;

(ii) That this Hon’ble Board may be pleased to direct the respondent no.2 (SEL) along with the respondent nos. 3 to 8 to refund the amount of Rs.200 crores, siphoned away under the EPC contract dated 10.3.2010, to the Company, along with interst on the aforesaid amount at such rate as this Hon’ble Board may deem fit and expedient;

(iii) That this Hon’ble Board may be pleased to direct the respondent no.2 (SEL) along with the respondent nos.3 to 8 to refund the amount of Rs.91.50 crores, siphoned away as bonus under the EPC contract dated 10.3.2010, to the Company, along with interest on the aforesaid amount at such rate as this Hon’ble Board may deem fit and expedient;

(iv) That this Hon’ble Board may be pleased to quash and set aside the Service Agreement dated 1.3.2010, executed between the Company and the respondent no.3 (SIPL);

(v)That this Hon’ble Board may be pleased to direct the respondent no.3 (SIPL) along with the respondent nos.2 and 4 to 8 to refund the amount of approximately Rs.17 crores, siphoned away under the Service Agreement dated 1.3.2010, to the Company, along with interest on the aforesaid amount at such rate as this Hon’ble Board may deem fit and expedient;

(vi) That this Hon’ble Board may be pleased to quash and set aside the Services Agreement dated 22.9.2010, claimed to have been executed between the respondent no.3 (SEL) and the Company;

(vii) That this Hon’ble Board may be pleased to direct the respondent no.2 (SEL) along with the respondent nos.3 to 8 to give the accounts in respect of the amount received from the Company under the Services Agreement dated 22.9.2010 and be further pleased to direct the respondent no.2 (SEL) to refund the said amount to the Company, along with interest at such rate as this Hon’ble Board may deem fit and expedient;

(viii) That this Hon’ble Board may be pleased to quash and set aside the Management Services Agreement dated 21.5.2012, executed between the Company and the respondent no.3 (SIPL);

(ix) That this Hon’ble Board may be pleased to direct the respondent no.3 (SIPL) along with the respondent nos.2 and 4 to 8 to refund the amount of approximately Rs.1.85 crores siphoned away under the Management Services Agreement dated 21.5.2012 along with interest on the aforesaid amount at such rate as this Hon’ble Board may deem fit and expedient;

(x)That this Hon’ble Board, after calling upon the respondent no.3 (SIPL) along with the respondent nos.2 and 4 to 8 to produce the Operation & Maintenance contract, which is claimed to have been approved in the meeting of the board of directors of the Company held on 4.3.2010, be pleased to quash and set aside the board resolution approving the execution of the Operation & Maintenance Contract, vide board resolution dated 4.3.2010 and be further pleased to quash and set aside the said Operation & Maintenance contract executed/ to be executed between the Company and the respondent no.3 (SIPL);

(xi) That this Hon’ble Board may be pleased to declare and hold that the EPC contract dated 30.4.2010 executed between SEL, KNR Construction Limited and the Company is not binding on the Company;

(xii) That this Hon’ble Board