JUDGMENT

1. The present petition under Section 14 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "A&C Act, 1996") has been filed on behalf of the petitioners seeking termination of the mandate of the Sole Arbitrator appointed by the respondent.

2. It is submitted in the petition that the petitioners purchased the machinery/equipment, namely, LIUGONG CLC 414 from the respondent on 17th April, 2017 vide Loan-cum-Hypothecation-cum-Guarantee Agreement (hereinafter referred to as "Loan Agreement") bearing Loan No.0000007000419315 and the same was to be paid in 36 equal monthly installments of Rs.1,96,930/- commencing from 17th April, 2017 till 03rd February, 2020. The complete installments were made by the petitioners, but only delayed charges remained pending under the Loan Agreement. The disputes arose between the parties, and respondent unilaterally appointed Mr. Jaswant Singh as the Sole Arbitrator to adjudicate the disputes between the parties on 20th November, 2019 in respect of Loan Agreement. The Sole Arbitrator accepted his appointment vide Consent Letter-cum-Notice of Appearance dated 12th December, 2019. The respondent filed its Statement of Cla