By this petition filed under section 37 (2) (b) of the Arbitration and Conciliation Act, 1996 (for short the 'Arbitration Act'), the petitioner has impugned the order dated 5th October, 2015 passed by the arbitral tribunal rejecting the application filed by the petitioner under section 17 of the Arbitration Act. By consent of parties, the arbitration petition is heard finally at the admission stage. Some of the relevant facts for the purpose of deciding this petition are as under :-

2. The respondent had acquired development rights in respect of 86 acres of land and additional 34 acres both situated at Taluka Kalyan, District Thane and was in process of acquiring development rights and/or conveyance in respect of further 255 acres situated at Taluka Kalyan, District Thane.

3. On 17th January, 2007, the petitioner and the respondent entered into a Memorandum of Understanding whereunder the respondent agreed to acquire and transfer and/or grant development rights to the petitioner in respect of the land aggregating to 375 acres at an agreed consideration of Rs.20 lacs per acre. It is the case of the petitioner that prior to the execution of the said MOU, the petitioner paid t