JUDGMENT :

Pradeep Nandrajog, J.

Vide this common judgment we propose to decide a batch of Commercial Arbitration Appeals preferred under Section 37(1)(c) of the Arbitration and Conciliation Act, 1996 (Commercial Appeal No.314 of 2019 arising out of Commercial Arbitration Petition No. 205 of 2016, Commercial Appeal No. 315 of 2019 arising out of Commercial Arbitration Petition No. 196 of 2016 and Commercial Appeal No. 316 of 2019 arising out of Commercial Arbitration Petition No. 16 of 2017) that are directed against the common Judgment dated 14.12.2018 passed by a learned Single Judge of the Commercial Division of this Court upholding the majority Award passed by the Arbitral Tribunal. We may note that vide Orders dated 21.01.2019 and 29.01.2019 certain corrections have been incorporated to the Judgment by the learned Single Judge upon a request in this regard having been made by the Petitioners/Appellants-herein.

2. The Appellant before us in Commercial Appeal No. 316 of 2019 is Wind World (India) Pvt. Ltd. (WWIL). It is an unlisted public limited company incorporated under Indian Companies Act, 1956 as a joint venture between Enercon GmbH and members of the Mehra family (the Mehra's). Enercon is the registered holder of 56% of the issued share capital, and the Mehra's are the registered holders of the residual 44%.

3. The Appellant in Commercial Appeal No. 315 of 2019 is Mr. Yogesh Mehra; who is described as the Managing Director of WWIL and its shareholder.

4. The Appellant in Commercial Appeal No. 314 of 2019 is Mr. Ajay Mehra; who is the Director of WWIL and its shareholder.

The Appellants- Mr. Yogesh Mehra and Mr. Ajay Mehra are brothers; who may conveniently be referred by us as the 'Mehra brothers'.

5. The contesting Respondents before us are body corporates incorporated under the laws of Germany. Enercon GmbH (Enercon) is a company incorporated in the year 1984 and carrying on the business of engineering manufacturing and marketing Wind Turbine Generators (WTGs) and components. Wobben Properties GmbH (WPG) is a company incorporated in the year 2004 to hold the intellectual property acquired by Dr. Alloys Wobben, the founder of Enercon.

EVOLUTION OF BUSINESS RELATIONSHIP BETWEEN THE PARTIES AND GENESIS OF THE DISPUTE

6. Before proceeding to analyse the Award passed by the Arbitral Tribunal and examining the impugned Judgment affirming the majority Award, we embark upon the exercise of tracing the evolution of the relationship between the parties and the genesis of the dispute.

7. On 10.05.1993, the Mehra's incorporated Wind World Power Ltd. as they were desirous of entering the business of wind energy in India. In September 1993, meetings took place between Mr. Yogesh Mehra and Dr. Wobben and other representatives of Enercon. Since the meetings were fruitful and a prospective commercial relationship was under contemplation, requisite permission was sought from the Reserve Bank of India (RBI).

8. Vide communications/letters dated 14.10.1993 and 20.11.1993, the RBI accorded its "in principle" approval for financial collaborations. On 23.11.1993 Wind World Power Ltd. was renamed as Enercon (India) Ltd.

9. On 12.01.1994, Enercon GmbH and Mr. Yogesh Mehra, acting for himself and on behalf of his family members (Mehra Group), entered into a Shareholding Agreement (SHA). At the relevant time, Enercon GmbH was holding 51% of issued share capital and Mehra's held the residual 49%. A Technical Know-How Agreement (TKHA) of the even date was also entered between Enercon GmbH and Enercon (India) Ltd. which granted Enercon (India) Ltd. the right and licence to use certain defined technical know-how for manufacturing a specified class of WTGs (E-26) and agreed to supply it with certain of essential components for manufacturing them. The Technical Know-How Agreement was expressed to continue in force for 10 years. On 19.06.1998, a Supplement