B.N. SRIKRISHNA, J.:---This appeal under section 37(1)(b) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") challenges the order of the learned Single Judge dated 6th/7th November, 2000 dismissing the petition to set aside the arbitral award.

Facts :

2. The facts giving rise to the present appeal, concisely stated, are as under :---

The appellant is a nationalised bank, carrying on the business of banking in its various branches and offices in the city of Mumbai. The respondent is a company registered under Companies Act, 1956 doing business in real estate including the business of hiring out built up areas of business premises. The respondent, at the material time, was the owner of certain premises situated on the ground floor and basement of Maker Chamber No. IV, Nariman Point, Mumbai 400 021. These premises were offered to the appellant under agreements of leave and licence dated 23rd May, 1988 and 27th June, 1989. Under the agreement of 23rd May, 1988 an area of 6078 sq.ft. on the ground floor and 620 sq.ft. in the basement of the suit property was given on leave and licence basis for a period of ten years. An amount of Rs. 2,75,00,000/-