R.G. Ketkar, J.

1. This appeal is preferred by M/s.Monarch Erectors Pvt.Ltd., hereinafter referred to as the claimant, challenging the judgment and order dated 16.04.2008 passed by the learned Single Judge in Arbitration Petition No.202 of 2007. That Arbitration Petition was preferred by the Municipal Corporation of the City of Bhiwandi Nizampur, hereinafter referred to as the Corporation, under section 34 of the Arbitration and Conciliation Act, 1996 (for short ‘Act’) challenging the award dated 21.12.2006 as corrected on 14.02.2007 of the learned Arbitrator.

2. By that award the learned Arbitrator held that the claimant is entitled to Rs.11,55,00,000/- (Eleven Crores Fifty Five Lakhs Rupees only) together with interest @ 9% p.a.on that sum from 01.04.2004 till actual date of payment, plus costs of Rs.7 lakhs to the claimant and the Corporation to bear its own costs.

3. The facts and circumstances, leading to the filing of the present appeal, briefly stated are as under:-

On 11.02.2003 Corporation issued 3rd re-tender notice inviting offers for appointment of agents for octroi collection. The claimant submitted its offer, which was accepted by the General Body of the C