VIBHU BAKHRU, J

1. These are petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act') impugning an arbitral award (hereafter 'the impugned award') dated 01.02.2016 passed by the Sole Arbitrator Justice C. M. Nayar (Retd.), a former judge of this Court.

2. Roentgen Oncologic Solutions Pvt. Ltd. (hereafter 'ROSPL') is a company incorporated under the provisions of the Companies Act, 1956 and is, inter alia, engaged in the business of setting up, running and/or managing oncology centers in India. Mr. S. L. Kapoor, Dr S. Hukku, Mr. s Rachna Hukku, Mr. s Rekha Kapoor and Dr Shikha Haldar (hereafter referred to as 'the Promoters') are the promoters of ROSPL.

3. OMP No.62/2016 is preferred by ROSPL and the Promoters. OMP No.295/2016 is preferred by Dr Kirti Jain.

4. The parties entered into a shareholder's agreement dated 30.06.2008 (hereafter 'the Agreement') whereby Dr Kirti Jain agreed to acquire 49% of the outstanding share capital of ROSPL for a consideration of Rs.1,21,85,143/-. In terms of clause 5.3.1 of the Agreement, Dr Kirti Jain also agreed to arrange funds equivalent to Rs.5,64,94,120/-. The said clause is quoted below:-

“5.3.1 As