By this petition file under Section 37(2)(b) of the Arbitration and Conciliation Act 1996 (hereinafter referred as “Arbitration Act” for short) petitioner seeks to impugn the order dated 12th November 2013 passed by the learned arbitrator rejecting the application filed by the petitioner under Section 17 of the Arbitration Act. Some of the relevant facts which merge from the pleadings and documents filed by both the parties are summarized as under :

2. (a) On 24 June 2005, respondent published a tender notice in the newspaper for development of a modern township of MIHAN and invited offers from the experienced developers for development of a modern township to meet housing requirement of MIHAN. Vide notification dated 29th May 2007, the Ministry of Commerce and Industries, Government of India notified MIHAN as Special Economic Zone (SEZ) pursuant to the provisions of the SEZ Act 2005.

(b) On 22 September 2005, M/s Reatox Builders and Developers who had submitted their bid @ Rs.72 lacs per acre was selected as successful bidder for development of the modern township. A letter of intent came to be issued in favour of the said builder. On 6 January 2006 the respondent speci