FITNESS FIRST INDIA PRIVATE LIMITED Vs. SACHIN JAIN

JUDGEMENT

(1.) The challenge in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 ('Act') by Fitness First India Private Limited ('FFIPL') is to an Award dated 12th June, 2015 passed by the sole Arbitrator in the disputes between the parties.

(2.) The background of the present petition is that the Petitioner and Respondent entered into a lease deed dated 13th August, 2007 whereby the Petitioner took on rent from the Respondent landlord half of Flat Nos. N-61 and N-62 on the First Floor and half portion of N-94 and N-95 on the Second Floor in Munshi Lal Building, Connaught Place, New Delhi for a period of nine years extendable by three years.

(3.) In terms of the said lease deed which was a registered lease deed, the rent was Rs. 195 per sq. ft. per month for the first two years. Thereafter, the rent payable was increased to Rs. 200 per sq. ft. per month for one year, to Rs. 236 per sq.ft. per month for the next 3 years and to Rs. 278 per sq. ft. per month for the next 3 years. In terms of Clause 3 there was a 'lock in' period of five years from the commencement of the lease. Under Clause 4 of the lease deed there was an option to renew the lease after nine years. Clause 10 provided for an interest-free refundable security deposit ('IFRSD') which was to be refunded within seven days from the date of handing over of the vacant possession. Under Clause 24, an option was given to the lessee i.e., the Petitioner herein to terminate the lease after giving three months? notice or payment of rent for the notice period. The date of commencement of the lease was 27th December, 2007.