JUDGMENT :

Dama Seshadri Naidu, J.

1. The petitioner is a co-operative housing society and the respondent a partnership Firm. In 1986 the Society let the Firm erect an advertisement-hoarding structure within its premises. Thus, the Society is the licensor and the Firm the licensee. From time to time, this arrangement has continued with the renewal of the Leave and License Agreement ("LL Agreement"). Eventually, when the final phase of the agreement stood renewed on 28th October 2010, it was for eight years, that is, till 31st March 2018. As the period was about to expire, there arose differences between the licensor and the licensee. And that has led to this litigation.

2. The facts stated ever so briefly, the licensor and the licensee initially, in 1986, entered into an LL Agreement, which was renewed with suitable modifications in 1993, 1996 and in 1998. Finally, the licensor and the licensee executed two separate agreements on 28th February 2010: one for maintenance charges and the other for the rental charges. Under them, the licensee agreed to pay Rs. 46,000/- cumulatively towards the maintenance and the rental charges. As the license period was to end on 31st March 2018, the lic