1. These Original Petitions are filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for brevity, “the Act”) challenging the award of the Arbitration dated 26.11.2008. While the Third Respondent before the Arbitrator ahs filed O.P NO.426 of 2006, Respondents 1 and 2 have filed O.P. No.121 of 2010.

2. For the sake of convenience, the parties are referred to as per their rank before the Arbitrator.

3. 1. It is based on a Hire Purchase Agreement entered between the claimant and the First Respondent for purchase of a second hand truck TATA LPT 1997 Model bearing registration No. NL-01-A-5940 by obtaining finance to the tune of Rs. 4,50,000/- under an agreement dated 22.9.2000, for which Respondents 2 and 3 stood as guarantors, the claimant had claimed an amount of Rs. 7,04,881/- with interest at the rate of 36% per annum and initiated Arbitration proceedings.

3.2 It is stated that when the First Respondent was unable to repay the amount, he has surrendered the vehicle before the claimant within one year and at the request of the claimant, who is stated to have introduced one Ahmed Koya, a Novation Agreement was entered between the First Respondent and the