RAJIV SAHAI ENDLAW, J.

1. Both petitions under Section 34 of the Arbitration Act, 1996 arise out of a common arbitral award dated 31st July, 2000 in the claims preferred by each of the petitioners against the respondents (common in both the cases). The petitioners had before the arbitrator, preferred claims, besides against the respondents, also against M/s Ganga Automobiles Ltd. (which is not a party hereto). Identical questions being involved in the two petitions, they are taken up together for consideration.

2. To appreciate the challenge to the arbitral awards, it is deemed expedient to set out certain facts.

3. On 14th February, 1997 the following documents were executed in each case:- (a). An Inter Corporate Deposit Agreement between M/s Ganga Automobiles Ltd. and the petitioner in each case. In the said agreements, identical in language, M/s Ganga Automobiles Ltd. is described as the borrower and the petitioner in each case as the lender. The language of the said agreements is inter-alia as under:

“Whereas the borrower is at present in need of financial assistance for the usual business operations of the company and had approached the lender for the same by wa