( 1 ) THE petitioner, named above, has filed the present petition under Section 20 of the Arbitration Act, 1940 (hereinafter referred to as the Act ) averring that the petitioner is a Company, duly incorporated under the Companies Act, 1913, having its Registered Office at 17-B, Asaf Ali Road, New Delhi and Shri A. K. Ahluwalia, the General Attorney of the petitioner Company is duty authorised to sign and verify the present petition and to institute the present proceedings on behalf of the petitioner Company.

1. 2. It is stated that on or about 16. 5. 83, respondent No. 1 as Hirer and respondent No. 2 as Guarantor made a proposal to the petitioner Company for hiring a Tata Diesel Truck, Model 1983, bearing Chassis No. 344-073-7-65466, Engine No. 692-DO 1-7-68523 and Registration No. KEF 3186 (hereinafter called as the said vehicle ). The above proposal was accepted by the petitioner Company and the petitioner Company and respondents 1 and 2 entered into a Hire Purchase Agreement dated the 16th May, 1983 whereby respondent No. 2 stood as a guarantor for respondent No. 1 on the terms and conditions contained in the above said Agreement. The liability of the said Guarantor in ter