The registrar Lead Networks Domains Pvt. Ltd. which lost the accreditation a month ago,filed an arbitration with the AAA requesting ICANN stay the non-renewal until an arbitration decision is rendered.
On ICANN's page you can find answers to many questions .
First question everyone is asking is of course how are the registrants affected by this arbitration filling.
Here is an answer ICANN provided in order help the registrants and the users."Your domain names will remain with Lead Networks until the arbitration panel renders its decision or until you choose to transfer your domain name. In other words, during the arbitration, Lead Networks will operate as an ICANN-accredited registrar pursuant to the RAA and shall be required to comply with all contract provisions, the Uniform Domain Name Dispute Resolution Policy ( "UDRP"), and the transfer policy."
More answers you can find on ICANN's page at : http://www.icann.com/en/announcements/announcement-2-05aug09-en.htm