S. Ravindra Bhat J.

1. These appeals under Section 37 of the Arbitration and Conciliation Act, 1996, (hereafter “the Act”) are preferred against the judgment and order of the learned Single Judge dated 26.11.2008, in O.M.P. No. 26/2003. The impugned judgment set aside the order of the learned Sole Arbitrator who constituted the arbitral tribunal (hereafter “the Tribunal”), under Section 34 of the Act. The Tribunal had upheld claims by Puri Constructions Ltd and its sister concerns (collectively referred to as “PCL”) against Larsen and Toubro Ltd (“L&T”) and awarded, upon a finding of economic coercion of PCL, damages to the tune of Rs. 35 crores against L&T on account of breach of contract. L&T was directed to settle the claims of Lord Krishna Bank (“LKB”) within four weeks - by repayment of loan of Rs. 6 crores with such interest that may be due and payable. A further direction to L&T was issued to secure the release of title deeds of 15 acres of land from the bank and to reimburse PCL’s interest charges and in default pay a sum of Rs. 75 crores for loss of saleable area in respect of the said 15 acres of land mortgaged with the LKB, within 4 weeks. Other consequential d