JUDGMENT :

N.V. SHRAVAN KUMAR, J.

1. This Commercial Court Appeal filed under Section 13 of Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 r/w Section 37 of the Arbitration and Conciliation Act, 1996 (in short ‘the Act’ hereinafter) arises out of the petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 in C.O.P. No. 21 of 2016 on the file of XXIV Addl. Chief Judge, City Civil Court which was filed challenging the award passed by the sole arbitrator dated 15.02.2012.

BRIEF FACTS:

2. The facts in brief are that respondent No. 1 is a proprietary firm and respondent No. 2 is the proprietor of respondent No. 1/Constructions (hereinafter referred as respondents). The appellant herein had entered into a development agreement originally on 15.05.1996 with respondents for developing land admeasuring 350 sq. yds. in plot bearing No. 44, situated at Methodist Colony, Kundanbagh, Begumpet, Hyderabad.

3. In the said development agreement, there was an understanding to share built up area in the ratio of 32% to the appellant and 68% to the builders i.e. respondent Nos.1 and 2. Thereafter, certain disputes arose among the part