GVK-led MIAL had also given three options to ACSA to choose its arbitrator. While ACSA had rejected nomination of the three proposed arbitrators, the investor was surprised and in "utter shock" to find that the two purportedly nominated appointed arbitrators had appointed the presiding Arbitrator (former SC Justice Anil R. Dave) and have thus, purportedly constituted the arbitral tribunal, the petition stated. Terming the GVK's invoking of an arbitration "completely frivolous since there is evidently no breach or material breach of the SHA," ACSA said that the Adani SPA was executed on March 26, 2019, whereas the GVK SPA was signed only on April 23, 2019, it said, adding that the Adani SPA contains a pre-closing action under Clause 3 (1) (f) which gives GVK a right to exercise its right of first refusal before the sale to Adani.