JUDGMENT

(Prayer: Arbitration Original Petition filed under Section 34(2)(a)(iii) of the Arbitration and Conciliation Act, 1996, to set aside the arbitral award dated 16.08.2022 passed by the sole Arbitrator in his proceedings in ACP No.KMBL/LCV/1347268/443 of 2022 and to direct the respondent to pay the costs.)

1. This Arbitration Original Petition has been filed by the petitioners seeking to set aside the arbitral award dated 16.08.2022 passed by the learned sole Arbitrator.

2. The 1st petitioner is the Honarary Secretary of the 3rd petitioner Soceity namely, Gyan Jyoti Shaikshanik Sasta, Nagpur. The said society runs and manages a school, namely, Shri Nithyanand Vidhya Niketan School, Napur. The 1st petitioner borrowed a sum of Rs.15,22,876/- by virtue of the Loan Agreement No. LCV1347268 dated 05.07.2019 from the respondent. The petitioners have admitted the fact about the disbursement of the said loan to purchase a commercial vehicle/school bus namely Mahindra Cosmo, registration No. MH40BL3729, engine No.4D85748 and chassis No.K3D13763 for the use of the 3rd petitioner society School. As per the terms and conditions of the aforesaid agreement, the petitioners have to pay a sum o