JUDGMENT :

R.D. DHANUKA, J.

1. Rule. Mr. Sakhare, Learned Senior Counsel waives service on behalf of Respondent No.1. Ms. M.S. Bane, learned AGP waives service on behalf of Respondent Nos.2, 3 and 4. Ms. Ayushi Anandpara, learned counsel waives service on behalf of Respondent No.5. Rule is made returnable forthwith. By consent of parties, both the proceedings were heard finally and are being disposed of by a common order.

2. Some of the relevant facts for deciding both the Petitions are as under.

3. It is the case of the Petitioners that pursuant to Agreement dated 26 December, 2006, between the Petitioners and the Emerald Buildcon Pvt. Ltd., the said Emerald Buildcon Pvt. Ltd. were to acquire 1300 acres of land situated in Taluka Khalapur, Dist. Raigad, Maharashtra for implementation of the project as described in the said Agreement. Under the said Agreement i.e. Emerald Buildcon Pvt. Ltd., i.e. Respondent No.5 advanced aggregate sum of Rs. 41,38,23,000/- to Petitioner No.1.

4. On 27August, 2014, the State Government issued a Notification determining compensation, rehabilitation and resettlement package under Section 107 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (for short “Fair Compensation Act”).

5. On 28 April, 2019, Section 33 of the Maharashtra Industrial Development Act, (for short “MID Act”) is substituted to include the Fair Compensation Act, wherein the determination of compensation is as per the provisions of the Fair Compensation Act.

6. On 2 September, 2020, Respondent No.5 filed a Commercial Arbitration Petition (L) No. 1610 of 2018 under Section 9 of the Arbitration and Conciliation Act, 1996 seeking interim reliefs pending arbitral proceedings pertaining to disputes and differences between the parties to Agreement dated 26 December, 2006. By an order dated 20 December, 2020, this Court rejected the said petition filed by Respondent No.5, keeping all contentions of the parties on merits open.

7. Petitioner No.1 and Respondent Nos.5 thereafter entered into an Agreement dated 26 December, 2020 whereby the Petitioners transferred approximately 115 acres of land to Respondent No.5. The Petitioners retained approximately 81 acres of land and transferred approximately 60 acres of land to the other parties. These retained lands, transferred lands and other lands were acquired under the provisions of the said MID Act for industrial purpose.

8. It is the case of the Petitioners that on 24 December, 2020, the Chief Manager of Respondent No.1 addressed a letter to the Sub-Divisional Officer, Karjat stating that approval for issuing notification under Section 32(1) under MID Act was granted by the State government vide letter dated 23 October, 2020 and, therefore Respondent No.1 forwarded the documents submitted by the Petitioners to Respondent No.3 for further proceedings.

9. Final Notification under Section 32(1) of the MID Act was published for the acquired lands which included the retained lands, transferred lands and other lands on 26 November, 2020.

10. On 17 February, 2021, a meeting of the High Power Committee came to be held, whereby High Power Committee approved the rate of compensation payable for land admeasuring 559.607 H.A. lying and situate in villages Nandpada, Gothivali, Gohe, Karambeli, Kharivali and Chiltan of Khalapur Industrial Area, Phase III at Rs.55,00,000/- per Acre i.e. Rs.1,37,00,000/- per Hectare.

11. By letter dated 1 March, 2021, the Under Secretary, Government of Maharashtra addressed a letter to the Chief Executive Officer, MIDC and called upon the MIDC to take necessary action in accordance with the Minutes of the Meeting dated 23 February, 2021. On 22 March, 2021, the MIDC- Respondent No.1 forwarded the documents submitted by the Petitioners to the Sub-Divisional Officer, wherein reference to Application of the Petitioners dated 3 December, 2020 was made.

12. On 5 May, 2021, the Petitioners and Respondent No.5 filed Consent Terms in