1. M/s Transair & Ors. (hereinafter referred as TA) and its partners Mr.Chetan Gupta, Ms. Vandana Gupta and Ms. Jagwati (now deceased through LR) have filed the present petitions under Section 14 of Arbitration and Conciliation Act, 1996 (hereinafter called the Arbitration Act) for declaring that the mandate of the Arbitral Tribunal (hereinafter called “the tribunal”) - consisting of Hon’ble Mr.Justice B.P. Jeevan Reddy (Retd.) Chairman, Hon’ble Dr. Justice A.S. Anand (Retd.), Hon’ble Mr.Justice V.N. Khare (Retd.) since stood terminated by efflux of time on 17.10.2012, the tribunal had become de jure unable to perform its functions, and so its further extension by Director General (hereinafter referred as DG of International Air Transport Association (IATA)) of its mandate vide letter dated 18th December, 2012 and by impugned order dated 14.03.2014 is illegal and contrary to the IATA Arbitration Rules, and be set aside and quashed.

2. Common question of law and facts are involved in both the petitions hence disposed of vide this common order.

3. The brief facts in nutshell necessary for determination of the matter, are as under.

4. The TA had entered into a General Sales Agenc