The appellant is a non-banking financial institution. It had provided respondent 1, an Ambassador car under a hire-purchase agreement. Respondents 2 to 4 had stood as guarantors to secure the due repayment in terms of the agreement and had executed the Same along with Respondent 1 Respondent 1 had defaulted in payment of the installments as provided under the agreement. Consequently, the appellant seized and took possession of the vehicle and brought the same to public auction. The amount realised by way of auction sale was insufficient to satisfy the outstanding liability of respondent 1. Therefore, in terms of the agreement, the appellant referred the matter to arbitration under the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act' for brevity) and raised a claim The named Arbitrator having passed an award in favour of the appellant directing respondent 1 to pay Rs. 84,022/- with interest at 24% per annum along with costs of proceedings, the respondent had petitioned the Court of th6 District Judge to have the same set aside under Section 34 of the Act

2. The lower Court had framed the following issues for its

consideration.-

"(1) Whether the p