By this petition filed under section 34 of the Arbitration and Conciliation Act,1996 (for short Arbitration Act, 1996), the petitioners seek to challenge award dated 19th July, 2011 made by the learned arbitrator allowing claims made by the respondents. The petitioners were original respondents before the learned arbitrator. Respondents herein were original claimants.

2. FACTUAL MATRIX:-

(a) On 7th February, 1994, Tata Finance Ltd. which stood amalgamated with the respondents herein (hereinafter referred to as the said Agreement) entered into an agreement of lease with the Gujarat Electricity Board (Predecessor of the petitioners herein) whereby the respondents agreed to lease in favour of the said Gujarat Electricity Board suit property for a period of 72 months on the terms and conditions setout therein. Under the said agreement Gujarat Electricity Board was liable to pay lease rentals every month based on an asset cost of Rs.1,000/-fixed at Rs.19.95 per month per thousand payable monthly in advance. Parties thereafter executed supplementary lease schedules in respect of the said equipments. The said Board started paying lease rentals to the respondents from April 1994 a