JUDGMENT

Krishna Rao, J. - This is an application under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the award passed by the Ld. Sole Arbitrator dt. 29th September, 2014.

2. The petitioner was awarded with the contract of leasing Rear SLR 4 Tons space in train no. 3185Up Ganga Sagar Express, Sealdah to Jaynagar for a period of 18th January, 2010 to 17th January, 2013 and accordingly on 15th January, 2010, an agreement was entered between the parties.

3. Clause 25.1 of the agreement provides for extension of lease contract which reads as follows:

'25.1. 'Extension of lease is permissible only in case of long term lease of three years wherein then same can be extended only once, by 2 (two) more years at a lease rate of 25% more than lump sum leased freight subject to satisfactory performance by the leaseholder, without any penalty for overloading or violation of any provision of the contract.'

4. On 19th September, 2012 the petitioner had applied for further two (2) years extension for the continuation of the lease of 3185 Up Rear SLR.

5. Though, the petitioner had applied for extension of lease period but the respondents have not taken any decision either extension