1. The respondent in the arbitration proceeding is the petitioner in this Petition under Section 34 of the Arbitration and Conciliation Act, 1996. The petitioner challenges the award dated 9. 2005 granting the first respondent a sum of Rs. 4,59,206/- with interest at 36% per annum from 1. 2004 till the date of realisation. The Arbitrator rejected the claim of the petitioner herein for a sum of Rs.4,10,499/-

.2. The facts giving rise to the filing of this Petition are as follows:

.The first respondent herein carries on the business of hire purchase of vehicles, leasing of equipment and machineries. The first petitioner herein, entered into a Hire Purchase Finance Agreement for the hire purchase of vehicle on 5. 2001. The total finance facility offered was Rs.6,00,000/- with finance charges of Rs.3,24,000/-, thus totalling to a sum of Rs.9,24,000/-. Petitioners 2 and 3 were the guarantors for the due compliance of the terms of agreement. On the same day, the first petitioner, along with the other two petitioners, entered into an arbitration agreement marked as Ex.A2. In terms of the Hire Purchase Agreement, the first petitioner was to repay the amount in 36 monthly inst