1. By this petition filed under S.37 of the Arbitration and Conciliation Act, 1996 , the Petitioners have impugned the order dated 10th February, 2014 passed by the learned Arbitrator under S.17 of the said Act directing the petitioner no.1 not to proceed with the SRA project with the heirs of the original owners or M/s. Gupta Housing Pvt. Ltd. or persons claiming through them as developers on the portion of land belonging to the original owner late Mrs. Rajrani Harbanslal Gupta admeasuring 2500 sq. mtrs. Some of the relevant facts for the purpose of deciding this petition which is in the nature of an appeal under S.37 of the Act are as under: -

2. By a notification dated 18th March, 1976, the Maharashtra Slum Improvement Board of Mumbai declared the area bearing Survey No. 58, Amar Nagar, Borla Village Chembur, Mumbai as a slum area. Members of the petitioner no.1 - Society are residing in the said slum area. Area admeasuring 5651 sq. yards equivalent to 4724.80 sq