This original petition is filed to set aside the award passed by the second respondent dated 14. 2007.

2. The case of the petitioners is that on 21. 2005, the first petitioner entered into an agreement of hire purchase with the first respondent company for a sum of Rs. 6 lakhs for the purchase of TATA vehicle bearing Engine No.AUZ 100930, Chassis No.AUZ 101653. The second petitioner stood as the guarantor in his personal capacity and executed the said agreement. According to the petitioners, as per the terms of agreement, the first petitioner has to repay the loan amount in 45 monthly instalments at the rate of Rs. 17,150/- per month from the first month to the 30th month and at the rate of Rs. 15,700/- per month from the 31st month to 45th month. According to the first petitioner, he paid 21 instalments and thereafter, due to his ill-ness, he could not use the vehicle and was unable to pay the due amounts. The time to pay the entire loan amount was available till 210. 2008. The first petitioner surrendered the vehicle to the company at Sonbhadra in Uttar Pradesh State in the month of July, 2006 and according to the him, the balance payable was Rs. 2,85,000/-.

3. It is al