S.C. Dharmadhikari, J.

1. This appeal challenges the judgment and order of learned Single Judge dated 24th April 2015 passed in Arbitration Petition No. 846 of 2014.

2. Admit. Paper book dispensed with. The learned Advocate for respondent waives service. With the consent of parties, this appeal is disposed off finally by this judgment.

3. The short facts necessary to appreciate the arguments of learned Senior Advocate appearing for the appellant and that in reply of learned counsel appearing for the respondent, are set out in the following paragraphs.

4. The appellant before us was the original respondent before the arbitral tribunal. The respondent in this appeal is the claimant. We will prefer to refer to the parties by their nomenclature in the arbitral proceedings.

5. The award of the arbitrators came to be rendered on a dispute between the claimant and the respondent. M/s. Regency Hotels Private Limited ('Regency Hotels' for short) was the owner of a plot of land at Village Sahar, Taluka Andheri, Mumbai Suburban District. The issued share capital of Regency Hotels in the year 1995 was 24,500 shares of Rs. 100/- each aggregating Rs. 24.50 lakhs, of which 11,025 shares (45%