ASHOKE KUMAR DASADHIKARI, J.

1. THE petitioner New Globe Transport Company moved this petition under Section 34 of Arbitration and Conciliation Act 1996, challenging the award dated 5th August, 2008 passed by the learned arbitrator. Petitioner's case is that they were in transportation business and was in need of finance for purchasing a Tata Truck. They approached the representative of the respondent, Magma Shrachi Finance Limited, a company under Companies Act, 1956. THE respondent's representative offered to finance a sum of Rs.11 lakhs to be repaid in 46 installments at the rate of Rs.29,810 except for first amounting to Rs.10,000 commencing from 1st February, 2007 and expiring on 1st December, 2010. THE petitioner agreed to the terms and conditions of the respondent company and entered into a hire purchase agreement with them upon signing the documents and papers. THE petitioner was also called upon to have said agreement signed by a person known to him who would stand as a guarantor for advancing of the said finance amount and the petitioner did it. Petitioner, thereafter, paid 5 installments on due dates. On 4th July, 2007, the driver of the vehicle being No. WB 23B 1