JUDGMENT
Introduction
[1] These three appeals arise from the judgment of the High Court dated 1 October 2012 and the judgment of the Court of Appeal dated 21 January 2014, in respect of three consolidated actions.
[2] Leave to appeal was granted by this court on 15 September 2016 to all the appellants for the following questions of law:
Question 1
Where an arbitration award makes an award in the following terms:
"In the event of failure to settle the amount owing within 30 April 1988, the property stated in the Agreement dated 23 September 1985 be transferred to compensate for the principal sum together with the liquidated damages as it stands on 29 January 1988 to MMCE Properties Sdn Bhd, or the property to be auctioned through a public auctioneer and the money realised by the auctioneer be paid to MMCE Properties Sdn Bhd. In the event there is any balance after settling the amount owing to the 1st Party the amount be returned to Mr N Letchumanan and KR Ramasamy."