1. The petitioners, who suffered an award in the hands of the Arbitrator, appointed by this Court, have filed this petition to set aside the same under Section 34 of the Arbitration and Conciliation Act, 1996.

2. The parties herein are referred as per the ranking in this petition.

3. The brief facts leading to the appointment of the Arbitrator, passing of the award, followed by this petition are as follows:

(a) The respondent herein was carrying on cotton business (ginning and pressing), procuring cotton from small and marginal farmers in and around Guntur District. The cotton procured were ginned and pressed into bales and supplied to various spinning mills not only in the State of Andhra Pradesh, but also in Tamil Nadu. At the request of the fourth petitioner, the respondent had supplied cotton to their utmost satisfaction from the year 1995. However, there was no prompt payment by the 4th petitioner and upto 1.7.1996, there was an arrears of Rs. 30 lakhs.

(b) At the instance of the Government of Tamil Nadu, to settle the dues, after discussion on 23.12.1997, guidelines were framed and the respondent opted the second guideline/option and thereafter, continued to supply