Prathiba M. Singh, J.

The present petition arises out of award dated 21st October, 2013 passed by the Ld. Sole Arbitrator. The disputes arose out of agreement dated 9th April, 2010 by which the Petitioner Sh. Vinod Seth agreed to construct on the property of Mr. Sudarshan Kumar Bayana, i.e., property bearing no. 40, Block F-1U, Pitampura, Delhi. As per the agreement, the builder had to construct "1/3rd parking plus 2/3rd basement with water proofing work, upper ground floor, first floor, second floor and third floor with all the fittings and furniture as per A-class construction." In lieu thereof, the builder was to retain the second floor of the property. The builder had to pay a total sum of Rs.64 lakhs, in addition, in three separate instalments. The time period given for carrying out the construction was 12 months or earlier along with a grace period of two months. Subsequently, the owner would be entitled to Rs.10,000/- per day as penalty. As per clause 13 of the agreement, if the owner breaches the agreement, he was to refund double of the earnest money. If the builder breached the agreement, the earnest money and the compensation amount was to be forfeited by the ow