Prathiba M. Singh, J.

1. The Petitioner, who was the Respondent in the arbitral proceedings (referred to as ‘Respondent’ for the sake of consistency) has preferred the present petition challenging the award dated 27th December, 2012 passed by Justice J.P. Singh (Retired) – Learned Sole Arbitrator.

2. The Respondent had entered into a Memorandum of Understanding (hereinafter ‘MOU’) dated 25th December, 2007 with M/s. S.S. Enterprises-Claimant in the arbitral proceedings (referred to as ‘Claimant’ for the sake of consistency), by which the Respondent took on lease suit property i.e. part of 3/1/22, Site IV, Sahibabad Industrial Area, Ghaziabad (U.P.) constituting of Basement plus Ground Floor, First Floor, with wall to wall covered area of 21840 sq. ft. (approximately) (hereinafter ‘suit property’). The monthly lease amount was Rs.3,30,000/- for a period of 9 years with a lock in period of 15 months. After the expiry of the lock in period, if the lessee wished to terminate the agreement prior to the period of expiry, three months’ notice in writing could be given by the l