1. Leave granted.

2. In this appeal, the issue involved is about the legality and validity of the order of termination of the arbitral proceedings under clause (c) of sub­section (2) of Section 32 of the Arbitration and Conciliation Act, 1996 (for short, ‘the Arbitration Act’) passed by the Arbitral Tribunal.

FACTUAL ASPECTS

3. A brief reference to the factual aspects will be necessary to appreciate the issue. The first appellant, Dani Wooltex Corporation, is a partnership firm that owned certain land in Mumbai. The first respondent, Sheil Properties (for short, ‘Sheil’), a private limited company, was engaged in real estate development. The second respondent, Marico Industries (for short, ‘Marico’), is also a limited company in the consumer goods business. A part of the first appellant's property was permitted to be developed by Sheil under the Development Agreement dated 11th August 1993 (for short, ‘the Agreement’). A Memorandum of Understanding (MOU) was executed by and between the first appellant and Marico, by which the first appellant agreed to sell another portion of its property to Marico. Under the MOU, Marico was given the benefit of a certain quantity of FSI/TDR. Marico is