JUDGMENT

G S Kulkarni, J. -This petition under Section 34 of the Arbitration and Conciliation Act,1996 (for short "the Act") challenges an award dated 5 October, 2016 passed by the learned sole arbitrator adjudicating the disputes between the parties which had arisen under the loan facility agreement dated 9 October, 2012. By the impugned award, the learned sole arbitrator has held that the petitioners are jointly and severally liable to pay to the respondent-claimant an amount of Rs. 23,65, 07,643/- for the default of the petitioners to make repayment of the outstanding loan amount under the said loan agreement. The arbitral award further directs the petitioners to pay to the respondent interest at the rate of 12.5% per annum from 1 April, 2015 till the date of realization of the dues. The learned Arbitrator also has awarded cost of the arbitration proceeding at Rs.14,65,000/-.

2. The relevant facts are:

The respondent is a non-banking financial company engaged in the business of advancing corporate finance. The respondent extended financial facilities to the petitioners to the tune of Rs.18 crores vide a sanction letter dated 27 September, 2012 issued in favour of the petitioners.