By this appeal filed under Section 37 of the Arbitration and Conciliation Act, 1996 (for short ‘Arbitration Act, 1996’), the appellants have challenged Order and Judgment dated 4th May, 2009 delivered by the learned District Court, Pune in Civil Miscellaneous Application No. 809 of 2008 filed under Section 34 of the Arbitration Act, 1996 thereby allowing the application filed by the respondent and setting aside the arbitral award declared by the sole arbitrator on 16th August, 2008 by which the arbitrator had allowed certain claims made by the appellants.

2. Some of the relevant facts for deciding the issue involved in this appeal are as under:-

3. By an agreement and Power of Attorney dated 12th March, 2004, M/s. Aman & Anand Associates, the partnership firm then consisting of the appellant and Mr. Anand and Shreya Mehkari acquired development rights in respect of the property bearing Survey No. 111, Hissa No. 11/1A admeasuring 21.5 R’ 11/1B admeasuring 21.5 R and Survey No.112, Hissa No.1 admeasuring 13.56 R situate at Village Baner, Tal. Haveli, Dist. Pune. Thereafter other partners viz. Anand and Shreya Mehkari retired from the firm and the firm was renamed as M/s.Anand