By this petition filed under Section 34 of the Arbitration & Conciliation Act, 199 (For short herein after referred as Arbitration Act 1996), petitioner seeks to challenge award dated 21st November 2011 delivered by the learned arbitrator directing the petitioner herein to pay the sum of Rs.90,00,000/-to the respondent together with interest thereon @ 12% p.a. from 12th November 2008 till realization and directed the respondent herein to apply to this Court for payment of the said sum together with interest which amount has been deposited in company Petition No.343 of 2009 by the petitioner herein as per order dated 9th August 2010. The learned arbitrator also directed the petitioner herein not to alienate, dispose of or encumber or create any third party rights or part with possession of the property being the subject matter of the arbitration till the respondent herein realizes all the amounts under the said award. The learned arbitrator also directed payment of Rs.1,20,000/- towards the costs of the arbitration payable by the petitioner to the respondent.

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2. Under a Sale Deed dated 11th August 2006 between Durolite Pvt. Ltd and the petitioner herein, the