JUDGMENT :

A.S. BOPANNA, J.

1. The appellants herein are before this Court assailing the order dated August 30 and 31, 2007 passed by the High Court of Judicature at Bombay in First Appeal No. 187 of 2007. The said appeal was filed by the respondent No.1 herein invoking Sec. 37(1)(b) of the Arbitration and Conciliation Act, 1996 (hereinafter referred as the ‘Act 1996’ for short). Through the said appeal the respondent No.1 herein had assailed the order dated 06.11.2006 passed by the Principal District Judge, Nagpur in MCA No. 538/2006 in the proceedings under Sec. 34 of the Act, 1996.

2. The brief facts are that the respondent No.1 herein owns a cold storage at Nagpur. Sri Suresh Wadhwani manages the same. The appellants herein who are the sons of Sri Bhaiyalal Jain are engaged in business as commission agents for agricultural products. In that regard they had utilised the services of cold storage during the year 2004 for keeping 50 bags of ‘Shingada’ which is an agricultural product. According to the appellants herein the respondent No.1 had failed to store the goods in an appropriate manner which had caused damage to the same. The appellants therefore got issued a notice dated 18.05