Rajiv Sharma, J.

This petition is instituted against the impugned order dated 16.12.2015, rendered by the learned Civil Judge (Jr. Divn.) Court No. 4, Shimla, H.P., in CMA in Civil Suit No. 53-1 of 2015.

2. Key facts necessary for the adjudication of this petition are that the respondent has entered into loan agreement with the petitioners whereby a sum of Rs. 13,30,000/- was sanctioned as loan along with the finance charges of Rs. 3,69,740/- vide loan agreement dated 21.8.2013. The amount was repayable by the respondent in 46 EMIs. The respondent has made number of defaults in the payment of monthly installments and further failed to perform its part of the obligation towards loan agreement. The respondent instituted a suit against the petitioners for permanent prohibitory injunction for restraining the petitioners from taking the forcible possession of the vehicle in question. The petitioners have moved an application before the learned trial Court under Section 8 read with Section 5 of the Arbitration and Conciliation Act, 1996 to refer the dispute to Arbitral Tribunal in view of clause23 of the loan agreement. The learned Civil Judge (Jr. Divn.) Court No. 4, Shimla dism