1. Both these appeals under Section 37 of the Arbitration and Conciliation Act, 1996, hereinafter referred to as the 1996 Act, are against a common judgment and order dated 29.1.2018 passed by the learned Single Bench, disposing of two applications under Section 34 of the 1996 Act, one filed by the appellants being O.P. No. 434 of 2016 and the other filed by the respondent being O.P. No. 473 of 2016, for setting aside an arbitral award made and published on 9.11.2015 by an Arbitral Tribunal comprising a Retired Chief Justice of India and two retired Judges of the Supreme Court, namely, Justice Dr. A.S. Anand (Retd.), Mr. Justice B.P. Jeevan Reddy (Retd.) and Mr. Justice Doraiswamy Raju (Retd.). The appeals were, therefore, heard together and are now being disposed of by this common judgment and order.

2. The respondent was the claimant before the Arbitral Tribunal and the appellants were the respondents. The respondent claimant and the appellants had entered into a Joint Development Agreement, hereinafter referred to as "JDA" dated 24.01.2008, whereby the respondent claimant had undertaken to develop a commercial complex with agreed amenities and facilities on the land own