ALOK ARADHE, J.

1. In this petition preferred under Article 227 of the Constitution of India the petitioner has assailed the validity of the order dated 18-6-2014 passed by the executing Court by which the application for execution preferred by the petitioner has been dismissed. To appreciate the petitioner's challenge to the impugned order, few facts need mention which are stated infra. The petitioner is a company incorporated under the Companies Act, 1956. The petitioner is engaged in the business of providing financial assistance to the persons purchasing vehicles. The loans are advanced by the company which are secured by high purchase agreements which contain the provisions for recovery of the loan amount and also has the arbitration clause for resolving any dispute arising between the parties. The petitioner entered into hire purchase agreement with the respondent on 29-9-2010 with respect to purchase of a vehicle. Clause 21 of the agreement contains arbitration clause. The dispute between the parties was referred to the sole arbitrator. The arbitrator passed an award on 26-9-2011 by which the claim of the petitioner was decreed for a sum of Rs. 3,39,951/- along with in