YOGESH KHANNA, J.

1. This petition is under section 34 of the Arbitration and Conciliation Act for setting aside the impugned award dated 11.08.2017 passed by Sh. S.K. Tandon (Retd. Additional District Judge), sole arbitrator in Arbitration Case No. DAC/655/11-14 titled as M/s Prithvi Associates vs. South Delhi Municipal Corporation.

2. On 04.09.2006 the petitioner had awarded to the respondent firm a contract granting "Rights for illuminated display of Advertisements through Unipoles" and to this effect an Agreement dated 04.09.2006 was entered into between the parties.

3. On 11.09.2006 an allotment letter No. ADC (Advtt.)/2006/D-468 dated 11.09.2006 was issued by the petitioner to the respondent.

4. On 11.09.2006 in furtherance of said allotment/Contract, the respondent had deposited security amount of Rs. 1,04,62,500/- with the petitioner vide receipt No. 940010 dated 11.09.2006 and also paid Rs. 2,50,000/- to the petitioner by way of Caution Money.

5. The allotment was initially for a period of three years commencing from 15.09.2006 to 15.09.2009 and was extendable upto five years. During the extended period of the contract the monthly license fee was liable to increase at