JAYANT NATH, J.

1. Present petition is filed under section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to “the Act”) seeking to impugn the ex parte Award dated 3.2.2016 passed by the learned sole arbitrator.

2. Some of the relevant facts are that respondent No.1 states itself to be a Multi State Co-operative Bank registered under the Bombay Co-operative Societies Act and also deemed to be registered under Multi State Co-operative Societies Act, 2002. It is the case of respondent No.1 that the petitioner approached respondent No.1 for availing of a loan on 10.03.1992 for purchase of two tippers/trucks and a loan of Rs.9 lac was given on 11.5.1992. The truck was hypothecated to the respondent No.1 and was also secured by the personal guarantees of respondents No.2,3 and one Shri Dharmender Singh Yadav who is not impleaded as a party. Various documents are said to have been signed by the petitioner. It is urged that the petitioner agreed to pay interest @ 17% per annum which may be varied as per RBI guidelines. It is urged that a sum of Rs.1,45,81,311.27/- became due and payable by the petitioner and other co-guarantors as on 30.11.2013. The Arbitrat