JUDGMENT :

Rajiv Sharma, J.

1. This appeal is instituted under section 39 of the Arbitration Act, 1940 against the judgment dated 15.9.2010 passed by learned Single Judge in Arbitration case No. 16 of 2006.

2. “Key facts” necessary for the adjudication of this petition are that on the night of 21.2.1992, when the Insurance Policy was in operation, a fire broke out in the insured house of the appellants. The house was gutted into fire completely alongwith fittings, fixtures etc. A claim of Rs. 36,00,000/- was preferred against the respondent-Insurance Company. Surveyor was deputed by the Insurance Company. Surveyor assessed the claim at Rs. 26,09,668/- vide his report 18.8.1992. Appellants were paid a sum of Rs. 10,00,000/- on 18.2.1993 against receipt and another sum of Rs. 16,09,668/- vide receipt dated 23.8.1993. The appellants served a notice dated 5.9.1993 Ex. CR-1 upon the Insurance Company claiming a sum of Rs. 9,30,332/- as balance amount of the insurance claim. The appellants invoked arbitration clause and two arbitrators, i.e. one by the claimants and one by the Insurance Company were appointed. Appellants appointed Sh. R.L. Sood, as Arbitrator while Insurance Company appoint