JUDGMENT :

S. Ravindra Bhat, J.

The present appeal is directed against an order rejecting a challenge to a majority Award dated 20.01.2015 passed by the Chairman of the Arbitral Tribunal (hereafter “tribunal”) and one of its members.

2. The material facts are that M/s. Sarv Mangal Real Tech Pvt. Ltd. (“Sarv Mangal”) was allotted a plot of land measuring 1,00,450 sq. metres by New Okhla Industrial Development Authority (hereafter “Noida”), i.e. Plot No. 1, Sector-140A, Noida, Uttar Pradesh by a lease deed dated 14.01.2008. IT Infrastructure Park Private Limited (hereafter “ITIPPL”), the third respondent, with its registered office at D-922, New Friends Colony, New Delhi had an 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 of 45:55. Sarv Mangal executed a sub-lease deed dated 04.03.2008 in favour of ITIPPL in respect of a portion of the allotted land, i.e., land measuring approximately 45,202 sq.mts (hereafter “Galaxia Land”).

3. The first two respondents (hereafter “the Investors”) are corporate entities incorporated under the laws of Cyprus engaged in the business o