1. The petitioner is aggrieved by an order dated 16.10.2006 passed by ADJ whereby an application of the petitioner under section 8 of the Arbitration and Conciliation Act, 1996 (for short “the Act”) for referring the parties to arbitration was dismissed. The petitioner filed a review against the said order, which was also dismissed vide order dated 12.2.2007.

2. Brief facts relevant for the purpose of deciding this petition are that the respondent in order to open a photo sticker shop approached the petitioner to take on lease a shop in NOIDA Entertainment Centre. A Term Sheet Agreement was entered into between the parties on 15.2.2005 and respondent paid a sum of Rs.3,97,196/- to the petitioner through cheque as interest free security deposit. The shop was promised to be handed over to the respondent in March 2005. The date was described in the agreement as tentative. Respondent submitted that on the basis of this assurance of the petitioner that shop would be ready and handed over, respondent sought quotations in respect of photographic machine from DAE-SEUNG Intercom Co., Korea. The machine at that time was quoted at a price of US$ 6750. Respondent visited the office of p