JUDGMENT :

PRATEEK JALAN, J.

1. By way of this petition under Section 34 of the Arbitration and Conciliation Act, 1996 [hereinafter “the Act”] the petitioner-Anand Divine Developers Private Limited [hereinafter “Anand”] assails an arbitral award dated 28.02.2022, passed by a learned sole Arbitrator in arbitral proceedings arising out a Memorandum of Understanding dated 08.05.2014 between the parties [hereinafter “the MoU”].

2. An objection had initially been raised by Mr. Rajesh Yadav, learned Senior Counsel for the respondent-Mr. Sohan Bahadur Gurong [hereinafter “Sohan”] as to delay in filing of the present petition. By the order dated 15.03.2023, the Registry was directed to place the log information with regard to the filing on the record and to supply copies thereof to learned counsel for the parties. Mr. Yadav today states that, having looked into the log information, he does not wish to press the objection with regard to delay in filing the petition.

3. I have heard Mr. Krish Kalra, learned counsel for Anand and Mr. Yadav on the merits of the matter.

4. The transaction between the parties concerns an apartment in a housing project (apartment bearing No. 8082 in ATS Triumph, Secto