J U D G M E N T

NEENA BANSAL KRISHNA, J.

I.A. 22291/2023 (Exemption)

1. Exemption allowed, subject to all just exceptions.

2. The application stands disposed of. I.A.22292/2023 (Condonation of delay)

3. The application has been filed on behalf of the petitioner seeking condonation of delay of 37 days in refiling the accompanying Petition.

4. For the reasons stated and in the interest of justice, the delay of 37 days‟ in re-filing the accompanying Petition is condoned. The application is accordingly allowed.

O.M.P. 1/2023

5. The Petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the Act’), has been filed by the petitioner, (who was the respondent No.1 in the Arbitral proceedings, hereinafter referred to as the ‘petitioner’) to set-aside the Award dated 02.05.2023, passed by the learned Sole Arbitrator.

6. Briefly stated, the petitioner/Shutham Electric Ltd., and its sister concerns had secured advances/loans from the Greater Bombay Co- operative Bank Ltd. (“GBCB”) against the mortgage of two properties. One of the properties was a residential bungalow with a garage situated at Sub Plot No. 6, Galaxy Co-operative Housing Society Limited, Pune,