JUDGMENT :

Rajasekhar Mantha, J.

FACTS OF THE CASE

1. The subject matter of challenge in the instant proceeding under Section 34 of the Arbitration and Conciliation Act of 1996 is an award dated 22nd June 2020 passed by Shri Jayanta Kumar Mitra, Sole Arbitrator, appointed by this Court on 3rd May 2017 in AP 302 of 2017.

2. The petitioner nos. 1 and 2 [M/s South City Projects (Kolkata) Limited and M/s Merlin Projects Limited, respectively] (claimants) are, inter alia, engaged in the development of properties. The Kolkata Metropolitan Development Authority (KMDA) had invited bids for the development of residential-cum-office complexes at two separate sites, measuring about 132.20 cottahs at Mouzas, Laskarhat and Nonadanga (hereinafter referred to as ‘Ruby Complex’) and 1.487 acres at Kasba (hereinafter referred to as ‘Nilachal Complex’). The petitioners submitted a bid jointly which was accepted by the KMDA.

3. A memorandum of understanding was entered into on 17th December 2007 by the claimants, with the respondent KMDA. Upon execution of the MOU, a sum of Rs.10 crores was paid by th