1. The challenge in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 (‘Act’) filed by Mr. Shakti Nath, Mrs. Meena Nath and Mr. Vikram Nath (Petitioner Nos. 1 to 3 respectively) and Logix Soft-Tel Private Limited (Petitioner No. 4) is to a majority Award dated 20th January, 2015 passed by the Chairman of the Arbitral Tribunal (‘AT’) and one of its Members in the disputes between the parties.

Background facts

2. The backgrounds facts are that M/s. Sarv Mangal Real Tech Pvt. Ltd. (‘Sarv Mangal’) was allotted a plot of land admeasuring 1,00,450 sq.mts. by New Okhla Industrial Development Authority (‘Noida Authority’) being Plot No. 1, Sector-140A, Noida, Uttar Pradesh by virtue of a lease deed dated 14th January, 2008. IT Infrastructure Park Private Limited (‘ITIPPL’) i.e., Respondent No. 3 having its registered office at D-922, New Friends Colony, New Delhi had a co-development agreement with Sarv Mangal for co-development of an SEZ for Information Technology/Information Technology Enabled Services in respect of the allotted land in the ratio