1. By this petition filed under section 34 of the Arbitration and Conciliation Act 1996 (for short 'the said Arbitration Act') the petitioners have impugned the arbitral award dated 7th July, 2011 made by the learned arbitrator directing the petitioners to pay a sum of Rs.56,44,422/- with delayed payment charges at the rate of 36% per annum from 30th November, 2001 to 3rd June 2002 and at the rate of 24% per annum from 4th June 2002 till payment and/or realisation thereof. Some of the relevant facts for the purpose of deciding this petition are as under:-

2. The petitioners are the original respondents whereas the respondents are the original claimants in the arbitration proceedings. It was the case of the respondents that pursuant to the proposal of the petitioner no.1 herein to have two numbers of L & T Make Hydraulic Excavator Model 72 CK and one no. Tata Hitachi EX 200 and two nos. Krupp HM 720 CS Rock breaker on hire purchase basis which proposal was accepted by the respondents. The respondents provided those machineries to the petitioner no.1 on hire purchase basis under an agreement for hire purchase 11th October 2000 on the terms and conditions mentioned therein. It