R.MALA,J.

1. This Original Side Appeal arises out of the order dated 03.12.2008 made in O.P.No.568 of 2007 filed under Section 34 of the Arbitration and Conciliation Act, 1996, confirming the award passed by the learned Arbitrator on 01.10.2006 granting the relief to the first respondent by directing the Appellant/Petitioner to pay a sum of Rs.61,45,000/- with interest at the rate of 15% per annum from 29.04.2000 on the said amount of Rs.61,45,000/- till the date of award and thereafter, at 12% per annum till the date of payment and to pay a sum of Rs.1,50,000/- towards costs.

2. First respondent herein as Claimant, is a registered partnership firm and the owner of the premises bearing D.No.184, Tiruchirapalli Road, Coimbatore-45. The first respondent/Claimant leased out the said building to the Appellant/Petitioner herein 40 years back and the said lease was renewed from time to time. The last of the renewals was on 01.04.1996 on a monthly rent of Rs.65,000/-for a period of three years. The leased premises consisted of ground and first floor of an extent of 2,455 sq.mtrs. (i.e.) 26,734.5 sq.ft.

3. It is also an admitted fact that on 28.02.1998, the entire building was