JUDGMENT :

1. Heard Sri Srikanth Hariharan, learned counsel for applicants and Sri S.Sudarshan, learned counsel for respondent.

2. This Arbitration Application is filed under Section 11(5) and (6) of the Arbitration and Conciliation Act, 1996 (for short “the Act”) seeking appointment of an Arbitrator to resolve the disputes between the applicants and the respondent in respect of loan Account bearing No. HE387555.

The case of the applicants

3. The applicants are spouses residing at Hyderabad. They contend that they had approached M/s.Citi Financial Consumer Finance Limited (for short “Citi Financial”), Nallakunta Branch, Hyderabad seeking a housing loan; that after discussions between themselves and the representative of Citi Financial at Hyderabad, a loan of Rs.32 lakhs was sanctioned to them for construction of first floor on the residential house property in the name of the 2nd applicant at Secunderabad; but it is their contention that copy of the Home Loan Agreement was not handed over to them by the Citi Financial though their signatures were taken on blank sheets of paper at the latter’s Hyderabad office.

4. They alleged that in 2008, Citi Financial offered to increase the loan amo