VIBHU BAKHRU, J.

Introduction

1. The petitioner, Rail Land Development Authority (hereafter ‘the RLDA’) has filed the present petitions under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter ‘the Act’). In OMP (Comm) 9/2016, RLDA impugns the arbitral award dated 31.10.2015 (hereafter ‘the final award’) and in OMP 226/2015, RLDA impugns the interim award dated 13.02.2015 (hereafter ‘the interim award’) made by the Tribunal constituted of three Arbitrators, namely, Mr. S.K. Malik, Mr. R.D. Mirza and Mr. K.K. Madan (Presiding) (hereafter ‘the Arbitral Tribunal’). The interim award and the final award are, hereafter, collectively referred to as the impugned awards.

2. The impugned awards were rendered in the context of the disputes that have arisen between RLDA and Yantti Buildcon Pvt. Ltd. (hereafter “Yantti”) in connection with the Development Agreement dated 03.03.2010 (hereafter ‘the Development Agreement’). The parties had entered into the Development Agreement for commercially exploiting a plot of land admeasuring 10128.12 sq. mtr. belonging to the Indian Railways, located near the City Railway Station, Bangalore (hereafter ‘the said land’). In terms of