Vibhu Bakhru, J.

1. The present petitions have been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter the “Act”) impugning the arbitral award dated 30.01.2017 (hereafter the “impugned award”). The impugned award was rendered in the context of disputes that had arisen in connection with the collaboration agreement dated 13.04.1993 (hereafter 'the Agreement”) entered into by Mr. Satish Kumar Bajaj (since deceased) (hereafter referred to as “Satish”), Mr. Harish Bajaj (hereafter referred to as “Harish”), Kumar Trading Corporation (hereafter “the Firm”) and M/s M. M. Builders (hereafter “the Builder”). The Agreement was entered into for the purposes of development of an industrial plot measuring 888 sq. yards bearing no.1/2, Industrial Area, Najafgarh Road, Kirti Nagar, New Delhli (hereafter “the property”).

2. In terms of the Agreement, the Builder was to construct a building consisting of a maximum of 5 floors at its own cost subject to sanction of building plan from the Municipal Corporation of Delhi (MCD). The said building was to comprise of shops and office premises. In terms of the Agreement, 50% of the built-up area was to be divided betwee