SANJIV KHANNA, J.:

1. The present petition under Section 34 of the Arbitration and Conciliation Act,1996 (hereinafter referred to as the Act, for short) filed by Union of India and India Tourism Development Corporation challenges and questions the award dated 28th April, 2006. The respondents herein M/s Sanghu Chakra Hotels Private Limited (hereinafter referred to as Sanghu Hotels, for short) have purchased share holding of the petitioners in Madurai Hotels Private Limited (hereinafter referred to as Madurai Hotels, for short) under the share purchase Agreement dated 31st January, 2002. Madurai Hotels, the respondent No. 2, was incorporated on 23rd August, 2001 with Hotel Madurai Ashok located at Madurai, Tamil Nadu as its asset under the scheme for demerger, which was approved by the Department of Company Affairs on 9th November, 2001.

2. For the purpose of inviting bids and disinvesting Madurai Hotels, balance sheet as on 31st March, 2001 was prepared and the same formed the basis for inviting bids and accepting the offer. What was transferred were the shares held by the Union of India in Madurai Hotels. Liabilities payable by Madurai Hotels continued to be payable and did not ex

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