(1.) The present petition has been filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 [hereinafter, the 'Act'] impugning the Award dtd. 19/3/2020 passed by a Sole Arbitrator appointed for adjudicating disputes arising out of an Agreement for Development dtd. 1/7/2015 [hereinafter, 'Agreement'] executed between the Respondent - M/s Grand Reality Pvt. Ltd. (Claimant in arbitration) and the Petitioner herein - Shri Nanak Mehta (Respondent in arbitration) for construction of Country Homes/ Villas on agricultural land (admeasuring 15 Bighas and 4 Biswas) bearing Khasra Nos. 113/ 23/2 (5-12), 24 (4-16), 25/1 (2.08), 25/2 (2-08) situated in Village Bijwasan, Tehsil Vasant Vihar, New Delhi [hereinafter, "Demised Land"].
(2.) At the outset, it must be noted that vide Judgment dtd. 23/12/2021 in O.M.P (COMM) 33/2021, a challenge to the impugned Award, at the instance of the Respondent herein, has been rejected.
(3.) The facts of the case have been recounted in the aforenoted judgment and the same shall be deemed to be part of the present order. For the sake of brevity, in a nutshell, the dispute between the parties was as follows: