Indira Banerjee, J.

1. This appeal is against judgment and order dated 17.05.2016, passed by the learned Single Judge, dismissing the application being OMP (Comm.) No. 112/2016 filed by the appellants under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to 1996 Act) for setting aside an arbitral award dated 17th September, 2014 passed by the sole Arbitrator Mr. Lalit Kumar in Arbitration Case No. RFL/Mortgage/ LRN/L-4/748 between the appellants and the respondent.

2. Religare Finvest Limited (hereinafter referred to as RFL), a non banking financial company, executed a loan facility agreement with the appellants on 29th November, 2011, pursuant to which RFL disbursed a loan of Rs. 2,10,00,000/- to the appellant No. 1 Metal Closures Pvt. Ltd. hereinafter referred to as the appellant company on the terms and conditions contained in the said loan facility agreement.

3. As security for the money lent and advanced by RFL to the appellant company, the appellants mortgaged their property being No. 39/4, Khatha No. 14826 (SI No. 353), Doddakallasandra Village, Uttarahalli Hobli, Bangalore, Karnataka-560062 in favour of RFL by depositing the original ti