JUDGMENT :

SHEKHAR B. SARAF, J.

1. The instant application under Section 36 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as ‘the Act’) by the petitioner Cholamandalam Investment and Finance Company Ltd. (hereinafter referred to as the ‘award holder’) arises from an arbitral award dated November 22nd, 2021 (‘hereinafter referred to as the ‘impugned award’) passed by the sole arbitrator Mr. Soma Kar Ghosh. The award debtors in the present proceedings are Amrapali Enterprises represented by proprietor Mohammad Jahangir (hereinafter referred to as the ‘borrower’) and Saif Khan (hereinafter referred to as the ‘guarantor’). By virtue of the aforesaid arbitral award, the award debtors were directed to pay INR 25,04,421.8/- (Twenty Five LakhsFour Thousand Four Hundred Twenty One and Eighty Paise) along with 18 percent per annum pendente lite interest, and further 18 percent per annum interest from the date of award till the date of payment.

2. The impugned award is a result of a Loan cum Hypothecation Agreement dated February, 2020 entered between the parties wherein the award debtors sought financial assistance in order to purchase a vehicle on finance. It is the subm