JUDGMENT

Firdosh P Pooniwalla, J. - The present Petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 ('the Arbitration Act'), challenging in part the Arbitral Award dated 23rd November, 2023 passed by the learned Arbitrator. By the impugned Award, the learned Arbitrator allowed the claim of Petitioner No.1 (Claimant) for a sum of Rs.59,97,210/-. At the same time, the Arbitrator allowed the Counter Claim filed by Respondent Nos. 1 to 3 for a sum of Rs.1,25,69,768/- and, accordingly, after giving credit for the claim amount, directed Petitioner No.1 to pay Respondents a sum of Rs.65,72,558/-.

2. The facts, as narrated by the Petitioner, are as under:-

(a). A Loan Agreement dated 29th January, 2010 was executed between L & T Finance Company as the lender and Respondent No.1 whereunder the lender advanced a loan of sum of Rs.2,85,70,000/-, for a term of 34 months, together with interest at the rate of 6.26% p..a. The Loan Agreement provided that any delay in payment of loan amounts would be subject to the Delay Payment Charges. The loan facility was to be secured by hypothecation of assets for the purpose of which the facility was availed. On the occurren