T.S. Sivagnanam, J.

This petition has been filed by Mr. Naveen G.Rolands, who availed loan from the 1st respondent Finance Bank, challenging the award passed by the Arbitrator dated 16.10.2012.

2. By the impugned award, the learned Arbitrator has held that the petitioner and his wife, the 3rd respondent (respondents in the arbitration case) have committed breach of the loan agreement by committing default in payment of instalments and liable to pay the 1st respondent Bank, a sum of Rs.33,97,383/-, as on 30.06.2012, failing which the respondents are bound to recover the possession of the schedule property to the 1st respondent Finance Bank. The learned Arbitrator awarded interest @ 18% per annum as against the contractual rate of interest at 14.5% (floating) and interest claimed @ 48% in the claim application.

3. The petitioner availed a Home Equity Loan of Rs.40 lakhs vide loan agreement dated 09.07.2008. The immovable property at Bangalore was offered as security for the loan transaction. The petitioner and the 3rd respondent herein created a charge on the said property in favour of the 1st respondent by deposit of title deeds. The 3rd respondent herein executed Deed of Guaran