Judgment :

V. Ramasubramanian, J.

Applications O.A.No.277 of 2008 and A.No.1236 of 2008 are by the plaintiffs in the suit respectively (i) for an interim order of injunction restraining the defendants 6 and 10 from proceeding with the arbitration and (ii) for stay of the arbitration clause. The applications A.Nos.2670 and 2671 of 2008 are by the defendants 6 and 10, praying respectively (i) for an order under section 45 of the Arbitration and Conciliation Act, 1996 referring the parties to international commercial arbitration and (ii) for an order vacating the interim injunction granted in O.A.No.277 of 2008.

2. I have heard Mr.C.Harikrishnan, learned senior counsel for the defendants 6 & 10, Mr.J.Sivanandaraj, learned counsel for the plaintiffs, Mr.Satish Parasaran, learned counsel for defendants 3 to 5 and P.H.Arvind Pandian, learned counsel for 2nd defendant.

3. In brief, the history of this litigation is as follows:-

.(a) On 30.01.2004, the Plaintiffs, the 2nd defendant and defendants 6 to 10 entered into a Joint Venture Agreement at New Delhi, by which the 9th defendant was floated as a Joint Venture Company with the object of purchasing, constructing and developing a hotel propert