JUDGMENT :

1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the Act’) seeking to impugn the award dated 30.06.2014 passed by the learned arbitral tribunal constituted by the Delhi Hindustani Mercantile Association, Arbitration Panel-1, Chandni Chowk, Delhi.

2. Some of the relevant facts, which are apparent from the claim petition filed by the respondent, are that the petitioner concern was purchasing fabrics as per his specifications from the respondent. The respondent raised bills in the name of the Concern M/s Mahima Exports proprietorship of Petitioner No. 1 as required by the petitioner. The respondent also opened an account in the name of the petitioner Concern M/s Mahima Exports during the course of the business in his books of accounts maintained by him during the ordinary course of business. It is stated that as per regular books of account maintained by the respondent, a balance of Rs.15,52,964/- is still payable from petitioner No.1. It is also claimed that in terms of the invoice and as per business practice, interest @ 24% per annum is payable for delayed payment. A sum of Rs. 11,18,124/- is claimed on a