JUDGMENT :

(Prayer: This Petition has been filed under Section 34(2) of the Arbitration and Conciliation Act 1996 praying to set aside the Arbitration Award dated 29.05.2019 made in Arbitration Case on the file of the Arbitrator Mr.Padmanaban Judge (Rtd.) and consequently allow the counter claims as claimed by the petitioners herein.)

1. The Petitioners were the respondents in the arbitral proceedings between them and the Respondent herein. The arbitral award dated 29.06.2019 (the Award) is assailed in this petition.

2. The Petitioners owned about 39.28 acres of land close to the Grand Southern Trunk(GST) Road. Some time in the year 2013, the Respondent approached the Petitioners in relation to the procurement of the above mentioned 40 acres as well as additional lands of an extent of 80 acres. Pursuant to negotiations in such regard, a Memorandum of Understanding dated 09.05.2013(the MoU) was executed between the parties. In terms of the MoU, the Petitioners were required to facilitate and procure the acquisition of 120 acres, in the aggregate, as described in the schedule to the MoU, by the Respondent herein. The MoU records that the Petitioners herein had already purchased an exten