1. This petition under Section 34 of the Arbitration and Conciliation Act, 1996(hereinafter referred to as the “Act”) has been filed by the petitioner challenging the Arbitral Award dated 23.08.2014 (hereinafter referred to as the “Impugned Award”) awarding a total amount of Rs 3,01,07,609/- along with future interest @ 9% on the principal amount of Rs 2,25,30,812/- as also cost of Rs.5,00,000/- in favour of the respondent and against the petitioner. The counter claims of the petitioner have also been rejected by the Impugned Award.

2. The petitioner was the successful bidder in a tender/bid conducted by the Delhi Development Authority for allotment of Plot No.4, Sector 13, Dwarka City Centre, Dwarka, New Delhi and a Conveyance Deed dated 10.08.2009 was executed. Under the terms of the tender the petitioner was to setup and operate a hotel on the aforesaid Plot in a timely manner.

3. Subsequently, the petitioner entered into Work Orders/ Letter of Intent with the respondent for Interior decoration works of various parts of the hotel. The disputes between the parties are