JUDGMENT

Navin Chawla, J. (Oral)

1. This petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act') challenging the Arbitral Award dated 22.09.2022 passed by the learned Sole Arbitrator.

2. In a nutshell, the facts leading to the present petition are as under:

a) The respondent by its Sanction Letter dated 26.07.2018 had sanctioned a Term Loan Facility for an aggregate amount of Rs.10 Crores in favour of the petitioners.

b) In terms of the Sanction Letter, a Term Loan Agreement dated 28.07.2018 was executed between the petitioner no.1 and the respondent no.1. Simultaneously, the petitioner nos.2 and 3 executed a Letter of Guarantee dated 28.07.2018, and the petitioner no.1 executed a Deed of Hypothecation dated 28.07.2018.

c) Claiming that the petitioner no.1 had defaulted in making the payment of the due installments, the respondent issued a Loan Recall Notice dated 09.12.2019, also invoking the Arbitration Agreement as contained in Clause 19.4 of the Term Loan Agreement.

d) The respondent thereafter issued another notice dated 27.07.2020, invoking arbitration not only under Clause 19.4 of the Term Loan Agreement, but