JUDGMENT :

SANDEEP V. MARNE, J.

1. The Petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (the Arbitration Act) challenging the Award of the learned sole Arbitrator dated 10 October 2023. By the impugned Award, the learned sole Arbitrator has allowed the claim of the Respondent-Bank by directing the Petitioner to pay to the Respondent sum of Rs.7,23,44,313.54 forming part of two loan outstanding amounts of Rs.2,06,61,658.53 and Rs.5,16,82,655.01 as on 13 October 2022 with future interest @ 6% per annum from 14 October 2022 till realisation. In addition to arbitration fees of Rs.47,300/- and administrative costs of Rs.9,000/-, the learned Arbitrator has further declared that the awarded sum is secured by the equitable mortgage of the Unit No.7/19, Bharat Industrial Estate at Ram Mandir Road, Goregaon (East), Mumbai-400 060 and that the Bank can recover the dues by sale/disposal of the mortgaged property. The learned Arbitrator has also restrained the Petitioner from transferring, alienating and /or creating any third-party rights in the mortgaged property. It is further directed that the awarded sum is also secured by hypothecation of machinery, furniture