( 1 ) THE appellants are the builders. The respondent is the owner of the land. This appeal filed by the builders is directed against the order dated 7-9-2005 passed by learned Sub-Judge, VI, Ranchi, in Misc. Case No. 1 of 2005, dismissing the application filed by the appellants-builders under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter called as the act) confirming the award dated 31-10-2004 passed by the learned sole Arbitrator.

( 2 ) THE short facts leading to filing of this appeal are as follows :-On 1-10-1998, M/s. Vardaan Builders, the appellant herein, the builder, entered into a development agreement with one Veer krishna Sahay, respondent herein, who is the owner of the 33 Kathas of land in M. S. Plot No. 1480 at 70, S. K. Sahay Road, ranchi. The said development agreement was for construction of a Multi-storeyed residential Apartment. After the aforesaid agreement was entered into, the construction work of the building had commenced. As per the agreement the building was to be completed within 18 months from the date of agreement and a grace period of 6 months was also provided. Thus, total time for completion and handing over of the p