JUDGMENT :

(Prayer:- Original Petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 to set aside the Preliminary Award dated 03.06.2010 and Final Award dated 08.04.2011 passed by the Sole Arbitrator.)

1. The Respondents in the Arbitration Proceedings are the Petitioners before this Court. The First Respondent herein initiated Arbitration Proceedings wherein a sum of Rs.1,65,30,698/- with interest at 18% per annum on Rs.52,76,662/- was claimed. By Preliminary Award dated 03.06.2010, the learned Arbitrator held that the First Respondent herein is entitled to an aggregate sum of Rs.51,90,602/- with interest thereon. By Final Award dated 08.04.2011, the learned Arbitrator directed the Petitioners herein to pay a sum of Rs.1,12,63,051.02 with interest on the principal sum of Rs.51,90,602/- at 18% per annum from 22.11.2010 till the date of payment; Arbitrator's fees; lawyer's fees, expenses etc., as specified in the said Final Award. The said Awards are impugned herein and are referred to as the Award hereafter.

2. I heard the learned counsel for the Petitioners and the learned counsel for the First Respondent.

3. The learned counsel for the Petitioners submitted t