1. The Petitioner has invoked Section 34 of the Arbitration and Conciliation Act, 1996 (for short, Arbitration Act). The Petitioner, original claimant has challenged Award dated 12 September 2011 passed by the sole Arbitrator, thereby rejected the statement of claim with costs. The operative part of the Award is as under :

“The Prayer Clause “a-1” and “a-2” of the Statement of Claim are hereby rejected with costs.”

2. Prayer clauses (a1) and (a2) of the State of Claim are as under :

“(a-1) that it be declared by this Honourable Tribunal that the claimants are entitled to sell the 11 Flats and constructed area and stilt parking space and other amenities/benefits to prospective buyers pursuant to clauses (4) and (17) of the Development Agreement dated 20/2/2006 being Exhibit “A” hereto.

(a-2) that it may be declared that this Hon'ble Tribunal that the sale of 11 Flats and constructed area stilts parking is in due compliance of the clauses (4) and (17) of the Development Agreement dated 20/2/2006 being Exhibit “A” hereto.”

3. Based upon the Development Agreement between the Petitioner, a “developer” and the Respondent, a “owner”, after development of the property, respective