JUDGMENT :

R.I. CHAGLA, J.

1. By the Commercial Arbitration Petition No. 44 of 2016, the Petitioners are seeking setting aside of the impugned Award dated 5th April 2016 as corrected vide Sole Arbitrator’s letter dated 27th May 2016. Both the Commercial Arbitration Petitions are connected and arise from the same impugned Award dated 5th April 2016. During the course of arguments, Mr. Sharan Jagtiani, learned Senior Counsel appearing for the Respondents in Commercial Arbitration Petition No. 44 of 2016 and the Petitioner in Commercial Arbitration Petition No. 113 of 2017 on instructions states that the Petitioner in Commercial Arbitration Petition No. 113 of 2017 is not pressing the Commercial Arbitration Petition.

2. By the impugned Award dated 5th April 2016, the Petitioner Nos. 2 to 4 (referred to hereinafter as “Panchamias”/“Pachamias Group”) and the Petitioner No. 1 (referred to as “Ganatra Hotels”), who were the Respondents in the arbitration proceedings were directed to make payment of sums of money to the Respondents herein and Claimants therein (referred to as “Ganatras”/”Ganatra Group”), and which payment is corresponding to the Ganatra Group’s shares in Ganatra Hotels. The i