JUDGMENT

Vibhu Bakhru, J. - The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the 'A&C Act') impugning an arbitral award (hereinafter the 'impugned award') dated 19.04.2012 delivered by the Arbitral Tribunal consisting of Justice (Retd.) J.P. Singh as the Sole Arbitrator (hereinafter the 'Arbitral Tribunal').

2. The impugned award was rendered in the context of disputes that have arisen between the parties in connection with the agreement dated 05.12.2008 captioned 'Agreement to Sell and Purchase Cum Receipt' dated 05.12.2008 (hereinafter 'the Agreement').

3. In terms of the Agreement, the petitioner agreed to purchase the manufacturing unit including the built up factory, rights in the leasehold property No. C-37, Sector B-2, Tronica City, Loni Ghaziabad (UP) and all movable assets (hereafter 'the Property') for a sale consideration of ^1,60,00,000/-.

4. The petitioner paid a sum of ^60,00,000/- to the respondent. The receipt of the said amount was expressly acknowledged in the Agreement as receipt of 'earnest money'.

5. After the parties had entered into the Agreement, the petitioner claimed that the respondent ha