Prateek Jalan, J. - (1.) This appeal under Section 37 of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as "the Act"] is directed against a judgment dated 12.05.2020 rendered by a learned Single Judge of this Court in O.M.P. (I) (Comm.) No. 90/2020. By the impugned judgment, the learned Single Judge dismissed the petition of the appellants herein under Section 9 of the Act, holding that the petition was not maintainable. Facts
(2.) The appellants in the present appeal (who were the petitioners before the learned Single Judge) are Mr. Ashwani Minda [hereinafter referred to as "AM"] and a company of which he is the Managing Director, viz. Jay Ushin Limited [hereinafter referred to as "JUL"]. Two companies incorporated in Japan have been impleaded as respondents in the petition as well as in this appeal. Respondent No. 1, U-Shin Limited [hereinafter referred to as "USL"] was previously known as Yuhshin Company Limited. Respondent No. 2 is a company by the name of Minebea Mitsumi Inc. [hereinafter referred to as "MMI"].
(3.) The basic agreement to which the present disputes relate is a Joint Venture Agreement dated 30.05.1986 [hereinafter referred to as "the JVA"], to which USL and a partnership firm by the name of M/s Jay Industries were party. The partnership firm was represented by Mr. J.P. Minda [hereinafter referred to as "JPM"], who is the father of AM. The parties to the JVA agreed to establish a joint venture company for the primary purpose stated in clause 2.1 thereof, viz. manufacture and sale of automobile locks, steering locks and key ignition switches, door latches and combination switches for all categories of automobiles. JUL is the joint venture company created pursuant to the JVA.;