O R D E R

The petitioners seek the constitution of an arbitral tribunal to adjudicate the disputes between the petitioners, on the one hand, and the respondents, on the other. The petitioners state that they entered into a memorandum of agreement dated 12.11.2008 (the MoA) with the first respondent in relation to the development of land (the Land) owned by the first petitioner into a multi-storied residential or commercial building. For purposes of such development, it is stated that two general powers of attorney were executed by the first respondent on 12.11.2008 in favour of Mr.Naren Rajan, the then Managing Director of the first respondent. By relying on such powers of attorney, the Land was mortgaged in favour of the first respondent's lender, i.e. Indian Bank. The said lender/Indian Bank, in turn, assigned the debt to an asset reconstruction company, namely, Reliance Asset Reconstruction Company Limited (the ARC). The ARC initiated action to enforce the security interest. At that juncture, the petitioners redeemed the mortgage by paying a sum of Rs.9 crore in installments between December 2015 and April 2016.

2. The petitioners assert that the powers of attorney were executed f