1. The challenge in this petition is to an Award dated 26th May 2004 passed by the Sole Arbitrator rejecting the claims of the Petitioner and allowing the counter-claims of the Respondent Municipal Corporation of Delhi (`MCD’) directing the Petitioner to pay a sum of Rs. 29,49,247/-together with the pendente lite interest at 2% per month till the date of payment.

2. By a notice inviting tender (`NIT’) dated 9th December 2001, MCD invited tenders for allotment of contract with respect to display of advertisement through kiosks on street light poles existing on roads maintained by MCD in the Civil Lines Zone. The contract was for the O.M.P. No. 25 of 2005 Page 1 of 4 period between January 2002 and 31st December 2003 on a monthly licence fee basis. The Petitioner was the highest bidder and was awarded the contract at a monthly licence fee of Rs. 5,51,000/-. A letter of offer dated th January 2002 was issued calling upon the Petitioner to deposit a sum of Rs. 22,04,000/-towards security deposit equivalent to three months’ licence fee and one month advance licence fee. The Petitioner was also asked to deposit advance advertisement tax.

3. On 15th January 2002 the Petitioner de