By this petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short “the Arbitration Act”), the petitioners have impugned the arbitral award dated 23rd March 2009 as modified by an order dated 22nd May 2009, the order dated 1st August 2007 and additional award dated 30th November 2013 as corrected by an order/award dated 9th January 2014 under Section 33 of the Arbitration Act. Some of the relevant facts for the purpose of deciding this petition are as under :-

2. The petitioner no.1 was formerly known as “Ramniranjan Kedia Tourism Services Pvt. Ltd.” The name of the petitioner no.1 was changed to “Aidek Tourism Services Private Limited” with effect from 1st December 2010. The petitioner nos.2 and 3 are the Directors of the petitioner no.1.

3. It was the case of the respondent in the arbitral proceedings that on 24th April 1995, the parties entered into a Hire Purchase Agreement in respect of 8 Honda Accords Cars i.e. MH-06-3401, MH-06-3402, MH-06-3403, MH-06-3404, MH-06-4063, MH-06-4064, MH-06-4065 and MH-06-4062. The total agreement value was Rs.84,27,600/- including interest which was to be paid in monthly installments of Rs.1,40,460/- for a