JUDGMENT

Suresh Kumar Kait, J. - The present appeal under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") read with Section 11 of the Commercial Acts, 2015 impugns the order dated 15.07.2020 passed by the learned Commercial Court, Delhi whereby the objections filed by the appellant under Section 34 of the Act against the Arbitral Award dated 20.02.2019, has been dismissed.

2. Vide impugned judgment/ Award, the appellants have been directed to pay a sum of Rs. 75,00,000/- along with interest @ 24% per annum from 15.07.2018 till the date of filing of the statement of claim i.e. 20.12.2018. It further directs the appellants to pay an amount of Rs. 1,50,000 per month w.e.f. 10.03.2015 along with interest @ 24% per annum from the date it became due and payable till the cancellation of Memorandum of Understanding i.e., 15.07. 2018. Besides, cost of Rs. 2,00,000/- as well as pendente-lite and future interest @ 12% per annum has also been awarded.

3. Pursuant to dismissal of Objections filed by the appellant under Section 34 of the Act, the appellants vide Order dated 10.02.2021, under Order XLI Rule 5 of the Civil Procedure Code, 1908 (hereinaf