G.S. Patel, J.

1. This appeal is directed against an order dated 23rd August 2013 passed by a learned Single Judge of this Court dismissing the Appellants’ petition under Section 9 of the Arbitration & Conciliation Act, 1996 (“the Arbitration Act”). By consent, we took up the matter for final disposal at the stage of admission. We heard learned Counsel for the appearing parties at considerable length.

2. The Airports Authority of India (“AAI”), constituted under the Airport Authority of India Act, 1994, is responsible for the development, management, and maintenance of airports in India. It owns or controls about 1,980 acres of land in Mumbai. This is the land of Mumbai’s Chhatrapati Shivaji International Airport (“CSIA”; “the Airport”). An estimated one-sixth of this land is encroached and is unavailable for CSIA operations and use. Some of the slums and shanties on this encroached land are in perilous proximity to the CSIA. In the past decade or so, and particularly with the entry of private airline operators, the demands on CSIA’s facilities have surged. These facilities are now over-stretched, and the CSIA requires expansion, modernisation and upgrading. Any such exp