JUDGMENT :

VIBHU BAKHRU, J.

1. The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the ‘A&C Act’) impugning an arbitral award dated 01.05.2016 (hereinafter ‘the impugned award’) passed by the Arbitral Tribunal comprising of a learned Sole Arbitrator.

2. The impugned award was rendered in the context of disputes that had arisen between the parties in relation to a Common Loan Agreement dated 14.01.2015.

3. By the impugned award, the Arbitral Tribunal has partly accepted the claims preferred by the respondents. The Arbitral Tribunal has accepted that the total amount of Rs.1,43,92,456/-is payable to respondent no.1 in respect of its claim; and an amount of Rs.62,57,590/-. is payable to respondent no.2 in respect of its claim. The Arbitral Tribunal has further awarded pendente lite and future interest till realisation of the awarded amounts at the rate of 12% per annum. The Arbitral Tribunal has also awarded costs, which it quantified at Rs.80,000/-.

4. The petitioner has assailed the impugned award on the ground as set out in Section 34(2)(a)(iii) of the A&C Act – that the petitioner was not given a proper notice of app