JUDGMENT :

SANJEEV SACHDEVA, J.

CM APPL. 19754/2023

1. Allowed, subject to all just exceptions.

FAO(OS) (COMM) 71/2023 & CM APPL. 19753/202

2. Appellants impugns order dated 16.02.2023. whereby the petition filed by the appellants under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the Act’) has been dismissed.

3. Appellant had challenged the Arbitral Award dated 22.09.2022. passed by Sole Arbitrator.

4. Respondent had sanctioned a term loan for an aggregate amount of Rs. 10 crores to the appellant no. 1 by sanctioned letter dated 26.07.2018..

5. Along with the sanction of the loan, a Term Loan Agreement dated 28.07.2018. was executed by appellant no. 1 besides execution of Letter of Guarantees dated 28.07.2018. by appellant nos. 2 & 3 and a Deed of Hypothecation also dated 28.07.2018. by appellant no. 1

6. Appellant no. 1 defaulted in making payment of the installments and, accordingly, respondent issued a loan recall notice dated 09.12.2019. and invoked the arbitration agreement contained in Clause 19.4 of the Term Loan Agreement.

7. Another notice was issued invoking arbitration under clause 29 of the Letter of Guarantee dated 28.07.2018. in additio