S. RAVINDRA BHAT

1. The Appellant impugns a judgment and order of a learned Single Judge dated 11-12-2014 in OMP 13/2012, a Petition under Section 34 of the Arbitration and Conciliation Act, 1996 ("the Act").

2. Ludhiana Improvement Trust ("the Trust") is a body corporate established under the Punjab Town Improvement Act, 1922 for the planned development of the city of Ludhiana. The Trust invited bids for construction of a City Centre in Ludhiana ("the City Centre project"). Upon evaluation of the bids, the appellant 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. A tripartite agreement was also executed between Today Homes, LIT and the HDFC Bank ("the Bank"), in terms of which the sale proceeds received on booking of saleable areas were required to be deposited in a escrow account, titled as : "Today Homes Infrastructure Pvt. Ltd. - City Centre." The Trust, to enable the appellant to discharge its obligations, executed a power of attorney dated 29-08-2005 in its favour. As a consequence, the appellant, which had to develop, construc