This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 to set aside the award passed by the arbitrator in Arbitration Case No. SK/LGF/1 of 2000 dated 24. 2003.

2. The brief facts are as follows:

(a) The petitioner herein is the guarantor under the lease agreement/Exhibit A-3 dated 28. 1955 entered into between the first respondent and the second respondent/the borrower for purchase of a TATA Truck. It is stated that the petitioner herein joined as guarantor by executing separate guarantee letter guaranteeing the due fulfillment of obligation of the borrower, the second respondent. The total lease amount was to the tune of Rs.8,69,760/-. The first of the installments commenced on 28. 1995 and the last installment to end on 28. 1999, thus spanning to a period of 48 monthly installments. Invoice for the vehicle was raised in the name of the leasing company as owners. According to the first respondent, the lessee committed default in payment of the monthly installment due from 8th month onwards. The notice sent did not result in any positive response in clearing the arrears. Hence, the first respondent called upon the second respondent to surren