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This is a Petition filed under Section 34 of the Arbitration & Conciliation Act, 1996 for setting aside the Arbitral Award dated 21.12.2014 passed by the Arbitral Tribunal.

2. The Brief facts leading to the case, as narrated in the Petition, are as follows:-

The 1st Plaintiff is a registered Partnership firm involved in the business of mining, that the Defendant No.1 is a company engaged in the business of mining, processing of minerals and ores, export, import and third country merchandising trade, that the Defendant No.2 is a Company engaged in the business of iron ore procurement, processing and export, that the Plaintiff No.1 entered into a Memorandum of Understanding dated 08.04.2004 with the Defendant Nos.1 & 2 , which envisaged that the Defendant No.2 would enter into an agreement to be Com.AS.No.36/2015 appointed as Raising Contractors, subject to approval being given by the Central Government for grant of mining lease by the State Government to Plaintiff No.1, that in furtherance thereof, two separate agreements were entered into, one for sale of ore/mineral between the Plaintiff No.1 and Defendant No.2 and another between Plaintiff No.1 and Defendant No.2 for extraction of ore, both on 08.04.2004, that the tenure of the said contracts were for a period of 10 years from the date of execution of lease deed in respect of the said mining are renewable on mutually agreeable terms, that the Defendant No.1 at the time of entering into Memorandum of Understanding on 08.04.2004, paid a sum of Rs.1,50,00,000/-