S C GUPTE, J.

1. This arbitration petition, filed under Section 34 of the Arbitration and Conciliation Act, 1996 ('Act'), challenges an award passed by a sole arbitrator in a reference arising out of a leave and licence agreement. The short facts of the case may be stated as follows :-

2. The Respondent herein (original respondent in the arbitration reference) was developing a piece or parcel land admeasuring about 3200 sq. meters or thereabouts at Kandivali West, Mumbai. He had proposed construction of a commercial building on the land. On or about 17 February 2006, the Respondent executed in favour of the Petitioner (claimant in the reference) a leave and licence agreement for use and occupation of premises in the proposed building (designated as portion 'B-2') having an aggregate built-up area of 62040 sq. ft. in accordance with plans annexed to the agreement. The premises were described in the annexures as 15240 sq. ft. built-up area on first basement floor, 15030 sq. ft. on the ground floor, 15885 sq. ft. on the first floor, 15885 sq. ft. on the second floor, together with the right to exclusive use of an area admeasuring 15,885 sq. ft. on the terrace above the second