J U D G M E N T

1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short „the Act‟) seeking setting aside/modification of the arbitral award dated 25.04.2023 (for brevity „the award‟) alongwith addendum dated 21.05.2023.

2. The facts shorn of unnecessary details are that the respondent/Delhi Development Authority (DDA) invited bids for commercial plot No. 3B1, Twin District Towers, Rohini (admeasuring 11130.40 sq. mtrs.) for construction of a hotel to provide accommodation for the Commonwealth Games 2010 (CWG). The petitioner/ Jakson Developers (P) Ltd. was the successful bidder and on 04.01.2008 a Demand-cum-Allotment Letter was issued. The hotel project was required to be made operational within twenty four months from the date of allotment. The petitioner company was obligated to furnish a performance security equivalent to five percent of the bid amount in the form of a bank guarantee, valid for a period of four years. The petitioner submitted building plans in March 2008, however the Chief Fire Officer approved them only in November 2008 and Delhi Urban Arts Commission in December 2008. In the meanwhile, the petitioner submitted a Per