JUDGMENT :- Petition has been filed under Section 34 of the Arbitration & s Conciliation Act challenging the award dated 16-6-2006 made by the learned sole arbitrator partly allowing the claim made by the Respondents. The Respondents were the claimants before the arbitrator and the Petitioners were the Respondents. It was the claimant's case before the learned arbitrator that they had advanced loan of Rs.1.5 crore to the Petitioners in two branches of Rs.50 lakh and Rs.1 crore under an agreement contained in two documents dated 6th April, 1998 and dated 29th May, 1998. While the document dated 6th April, 1998 provided for interest at the rate of 30% p.a. The agreement dated 29th May, 1998 provided for payment of interest at the rate of 27% p.a. In fact the Respondents claimed interest only at the rate of 27% p.a. on the entire loan of Rs.1.5 crore before the learned arbitrator. The loan advanced initially for a period of three months was to stand automatically extended for a further period of one month in each case, unless the Respondents give a notice to the Petitioners requiring them to pay the said loan on expiry of the notice period.

2. The Petitioners did not repay the said amo

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