JUDGMENT :

Shekhar B. Saraf, J.

1. The present application has been filed under Section 36 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the ‘Act’) by Cholamandalam Investment and Finance Company Ltd (hereinafter referred to as the ‘award holder’) seeking execution of an arbitral award dated November 22, 2021 (hereinafter referred to as the ‘impugned award’) passed by Mr. Soma Kar Ghosh, Sole Arbitrator. The award debtors herein are Amrapali Enterprises represented by proprietor Mohammad Jahangir (hereinafter referred to as the ‘borrower’) and Saif Khan (hereinafter referred to as the ‘guarantor’).

2. The impugned award arises out of a Loan cum Hypothecation Agreement dated February 24, 2020 entered between the parties wherein financial assistance was extended to the borrower for purchase of one vehicle. It is to be noted here that the said hypothecated vehicle is presently in possession of the award holder as the same was surrendered by the borrower.

3. It has also been submitted that the impugned award has been challenged under Section 34 of the Act before the City Civil Court. However, I understand that the same may be time barred.

4. From the submissions