P.T. ASHA, J.

The above appeals arise against the order of the learned Single Judge in O.P.No.591 of 2014 filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “Act”) to set aside the award dated 28.05.2014 passed by the Arbitral Tribunal/second respondent herein. Since both the appeals arise out of the same Original Petition a common judgment is being pronounced.

2. The facts in a nutshell are as follows:

The appellant herein in O.S.A.No.147 of 2018 and the first respondent had entered into a Memo of Understanding on 26.11.2004 for jointly developing the property belonging to the first respondent herein. The appellant had undertaken to develop the same into an IT Software Park. The Memo of Understanding further provided that the appellant would include the adjacent property which had been acquired by their sister concern M/s. Maan Sarovar Properties Development Private Ltd., (hereinafter referred to as “MSPD”). Since the inclusion of this property would benefit the first respondent as they would get the maximum Floor Space Index (FSI), the appellant had undertaken to have a Tripartite Agreement entered into between themselves, the