A. SELVAM, J.

This Original Side Appeal has been directed against the order dated 29-09-2008 passed in O.P.No.625 of 2006 by the learned Single Judge of this Court.

2. The appellant herein, as petitioner, has invoked arbitration proceedings under the Arbitration and Conciliation Act, 1996, wherein the first respondent herein has been shown as first respondent. The arbitrator, after considering the rival contentions raised on either side, has allowed the same in part to the tune of Rs.1,07,88,075.59 by way of passing the impugned award. Against the award passed by the arbitrator, the respondents one and two herein, as petitioners, have filed Original Petition No.625 of 2006 on the file of this Court.

3. It is averred in the petition that the first respondent is a finance company. The first respondent and the petitioners have entered into a hire purchase agreement dated 28.3.1997, wherein the first respondent has agreed to let machinery on hire to the first petitioner and subsequently, a supplementary agreement has been executed on 28.3.1997 and thereby, the first petiti