Heard finally by consent of the parties.

2. The Petitioners (original-Respondent Nos. 1, 4 and 5) have challenged award dated 13 July 2011 passed by the sole Arbitrator (Respondent No.4), under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) and Section 84 of the Multi-States Co-operative Societies Act, 2002 (for short, MSCS Act).

3. The operative part of the impugned award is as under:-

“AWARD

1) I, Suresh B. Pawar, Arbitrator, under Section 84 of the Multi State Co-operative Societies Act, 2002 do hereby declare that the Applicant Bank is entitled to recover from the Opponents, jointly and severally a sum of Rs.15,80,25,186.54 with interest thereon @ 12.50% p.a. from 01.08.2010 till realization of claim. Hence, all Opponents do pay jointly and severally to the Disputant Bank Rs.15,80,25,186.54 with costs of Rs.25,000/-and interest thereon @ 12.50% p.a. from 01.08.2010 till realization of claim.

2) The applicant Bank is entitled to dispose of the mortgaged as well as hypothecated securities of all Opponents to recover the dues.

3) Amount if any, paid by the Opponents or recovered by the Applicant Bank by any means after filin