JUDGEMENT:

Context and Factual Background:

1. This is a Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”) challenging an arbitral award dated December 21, 2020 (“Impugned Award”) in connection with disputes and differences between the parties under a Development Agreement dated October 20, 2010 (“Development Agreement”).

2. The Petitioners No. 1 to 3 are partners of Petitioner No. 4, Lukhi Associates (collectively, “Developer”), which undertook the development work under the Development Agreement. The Respondents are Mr. Rajendra Tormal Saini, Mr. Ashok Tormal Saini, Mr. Basant Tormal Saini, who are all legal heirs of Late Mr. Tormal Dedraj Saini (collectively, “Tormal”) and Mr. Mahesh Dadraj Saini (“Mahesh”). One Kailash Dedraj Saini (“Kailash”), a sibling of Tormal and Mahesh too owned the land in question but he assigned all his right and interest in the property to the Developer for a consideration of Rs. 1.90 crores and is not party to the dispute.

3. Disputes and differences between the Developer and the Landowners led to the proceedings and eventually to the Impugned Award. The core dispute was about the claim of the Landowners that they w