JUDGMENT :

R.F. NARIMAN, J.

1. These two appeals being Civil Appeal No. 5145 of 2016 by Avitel Post Studioz Ltd. [“Avitel India”] and its promoters [the “Jain family”] and the cross appeal being Civil Appeal No. 5158 of 2016 by HSBC PL Holdings (Mauritius) Ltd. [“HSBC”] impugn the interlocutory judgment and order passed in the appeal under section 9 of the Arbitration and Conciliation Act, 1996 [“1996 Act”] dated 31.07.2014. To dispose of the said appeals, we refer to the facts in Civil Appeal No. 5145 of 2016. The brief facts necessary to appreciate the controversy that arises in the present case are as follows:

(i) On 21.04.2011, a Share Subscription Agreement [“SSA”] was entered into between HSBC and the Appellants. HSBC made an investment in the equity capital of Avitel India for a consideration of USD 60 million in order to acquire 7.8% of its paid-up capital. This SSA contained an arbitration clause which reads as follows:-

“16. DISPUTE RESOLUTION

16.1. Arbitration

16.1.1. Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, interpretation, breach or termination shall be referred to and fi