VIBHU BAKHRU, J.

1. The petitioner (Ansal) has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act'), inter alia, impugning the arbitral award dated 02.05.2016 (hereafter 'the impugned award') delivered by the Arbitral Tribunal constituted by a Sole Arbitrator, Mr. V.S. Aggarwal (Retired) (hereafter 'the Arbitral Tribunal'). The impugned award was rendered in the context of disputes that had arisen between the parties with respect to the 'Collaboration Agreement' dated 28.01.2008 (hereafter 'the Agreement').

2. By the impugned award, the Arbitral Tribunal has rejected Ansal's claim for refund of Rs. 10 crores paid to the respondent under the Agreement. Ansal contends that the impugned award is patently illegal as its claim for refund of Rs. 10 crores was irrefutable.

3. Briefly stated, the relevant facts necessary to address the controversy are as under :-

3.1 In December, 2006, Delhi Development Authority (DDA) invited offers for purchase of freehold commercial plots at four locations in Delhi including Plot No. 9, Sector 20, Part II, Dwarka, New Delhi (hereafter 'the Property').

3.2 On 16.01.2007, the respondent submi