1. By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996, the petitioner has impugned the arbitral award dated 10th December, 2012 passed by the learned arbitrator thereby allowing part of the claims made by the respondent. Some of the relevant facts for the purpose of deciding this petition are as under :

2. Some time in the month of October, 2007, the respondent was in the process of producing a Hindi movie titled “Banda Yeh Bindass Hai”. The proposed title of the film was changed from “Pappu Pass Ho Gaya” to “Banda Yeh Bindass Hai”. Prior thereto, on 11th August, 2007, the respondent had addressed a letter to Mark Meyerson of Twentieth Century Fox admitting that the proposed film “Pappu Pass Ho Gaya” was an Indian adaptation of film “My Cousin Vinny” and offered a token of US $ 25,000 to the said Twentieth Century Fox for the same. On 20th September, 2007, IDBI had sanctioned financial assistance to the respondent of about Rs.750 lakhs for the said film titled “Pappu Pass Ho Gaya” on certain terms and conditions. The respondent had accepted the said offer and had accepted the terms and conditions of the financial assistance offered by the s