JUDGMENT

(Prayer: Arbitration Original Petition filed under Section 34(2)(a)(iii), 32(2)(b)(i) & (ii) read with Section 18 of the Arbitration and Conciliation Act, 1996, to set aside the award dated 30.08.2022 passed by the Arbitrator in claim petition G.R.No.275 of 2022.)

1. This Arbitration Original Petition has been filed by the petitioners seeking toset aside the award dated 30.08.2022 passed by the Arbitrator in claim petition G.R.No.275 of 2022.

2. The case of the petitioners is that the respondent advanced a sum of Rs.9,77,000/- under the loan agreement dated 28.08.2018 to the 1st petitioner in respect of the vehicle model LPS 4018 TC 4X2 BS2. The 2nd petitioner stood as guarantor for the above loan agreement. As per the terms of the loan agreement, the 1st petitioner has to repay the said loan amount along with interest in 35 monthly installments. Since the 1st petitioner defaulted the said loan amount, the respondent had repossessed the aforesaid vehicle and sold the same for a sum of Rs.1,15,000/-. For the remaining sum of Rs.6,21,088/-, the respondent filed a claim before the Arbitrator and obtained the award dated 30.08.2022 and the same was received by the petitioners on