RAJIV SHAKDHER, J.

1. This is a petition preferred under Section 34 of the Arbitration and Conciliation Act, 1996 (in short the Act) whereby, a challenge has been laid to the award dated 26.08.2011 passed by the learned arbitrator.

2. The facts obtaining in the matter fall in a narrow compass.

2.1 The petitioner, which will hereafter be referred to as, Today Homes, entered into a concession agreement with an entity by the name of Ludhiana Improvement Trust (hereinafter referred to in short as LIT). LIT is, undisputedly is an instrumentality of the State Government of Punjab.

2.2 LIT, is an entity which has been constituted under the Punjab Town Improvement Act, 1922 for the planned development of the city of Ludhiana. LIT, it appears, invited bids for construction of a City Centre in Ludhiana (hereinafter referred to as the City Centre project). Upon evaluation of the bids, Today Homes was declared successful. Consequently, a concession agreement was executed between Today Homes and LIT. Pursuant to the concession agreement, nearly 25.59 acres was handed over to Today Homes.

2.3 Evidently, a tripartite agreement was also executed between Today Homes, LIT and a bank, by the