J U D G M E N T

V. KAMESWAR RAO, J

1. The present petitions have been filed under Section 34 of the Arbitration and Conciliation Act, 1996 („Act of 1996‟, in short). Since the petitions are challenging the same Arbitral Award dated March 25, 2019, I shall decide these petitions by a common order.

2. The petitioners, Pranav Ansal and Gaurav Dalmia are the promoter-shareholder of Ansal Properties and Infrastructure Ltd. („APIL‟, for short) and the Chairman of Landmark Group, respectively. Landmark Group and Ansal Group entered into a Joint Venture Company („JV‟, for short) on September 13, 2004, which later came to be known as Ansal Landmark Township Private Limited („ALTPL‟, for short), (presently under majority control of Ansal Group), to undertake real estate projects. Subsequently, the JV was terminated by the parties through a Term Sheet Agreement dated December 21, 2011, and Definitive Agreements executed as per the Term Sheet. The JV would incorporate an entity, which would be transferred to Landmark Group. This entity named Ansal Landmark (Karnal) Township Private Limited („ALKTPL‟, for short), was to implement the „Karnal project‟.

3. As per the petitioners, a Debenture Subscri