1. The petitioners have filed the present petition under Sections 11(4)
and 11(6) of the Arbitration and Conciliation Act, 1996 (“Act”),
seeking the appointment of an Arbitrator due to the respondents‟
failure to nominate their Arbitrator within the prescribed 30-day
period from the notice dated 18.07.2024.
FACTUAL BACKGROUND
2. Petitioner No. 1 – Neosky India Limited (“Neosky”), is a public
limited company and subsidiary of Rattan India Enterprises Ltd.,
while petitioner No. 2 – Throttle Aerospace Systems Private Limited
(“TAS”) is a private limited company in the space of civil drones in
which petitioner No. 1 has invested and in which respondent Nos. 1- 4
were employed, and respondent Nos. 1- 4 together have 40%
shareholding.