S. RAVINDRA BHAT, J.

1. The appellant – M/s. Soril Infra Resources Limited [formerly known as “Store One Retail India Limited” and hereafter referred to as “Store One”] challenges an order of a learned Single Judge rejecting its objection under Section 34 of the Arbitration and Conciliation Act, 1996 [hereafter referred to as “the Act”].

2. The brief facts are that M/s. Pragya Products Pvt. Ltd. [hereafter referred to as “Pragya”] entered into a Memorandum of Understanding (MoU) with Store One on 23.03.2004. Under the MoU, Pragya agreed to participate in a public auction by the Delhi Development Authority (DDA) of a commercial plot measuring 8710 sq. meters at Shalimar Bagh. On its part, Store One agreed that if Pragya became the successful bidder it would lease about 70,000 square feet at a rent of Rs.55/- per sq. ft. per month. In the auction, Pragya was declared successful and was the lessee under the Perpetual lease deed dated 08.10.2004 with the DDA. It proceeded to construct a commercial complex on the plot. On 09.12.2004, Pragya entered into an agreement to sell with M/s. Annapurna Infrastructure Pvt. Ltd. [hereafter referred to as “Annapurna”] and M/s. Paliwal Overs