K.R. Shriram, J.

Petitioner is impugning under Section 34 of the Arbitration and Conciliation Act 1996 (the said Act) part of the Majority Arbitral Award dated 20th October 2016. Petitioner was claimant and respondent was respondent before the Arbitral Tribunal comprising of three Retired Judges.

2. Respondent owned several immovable properties, one of which was a plot of land admeasuring 6754.52 sq.mtrs at Byculla, Mumbai (the said land). Respondent wanted to develop the said land and therefore approached one Kalpataru Construction Overseas Private Limited ("KCOPL") and entered into a Project Management Agreement dated 28th July 1993 (PMA). Under the PMA, KCOPL would function as a Project Management Consultant (PMC). Petitioner also forms part of the same group to which KCOPL belonged. Respondent entered into a development agreement dated 29th October 1993 with Petitioner where under respondent granted the development rights of the said land to Petitioner. Under the development agreement, Petitioner was to pay a sum of Rs.19,89,12,000/- towards land value and also al