ORAL ORDER

(PER : HONOURABLE MR. JUSTICE PRANAV TRIVEDI)

1. The present First Appeal is preferred under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act' for short) assailing the judgment and order dated 10.7.2024 passed by Judge, Court No. 7, City Civil Court, Ahmedabad (hereinafter referred to as 'the learned Court' for short) in Commercial Civil Misc. Application No.175 of 2022.

2. The facts leading to the filing of the present First Appeal are that the appellant No.1 is a registered Partnership Firm whereas appellant Nos. 2 to 4 are the guarantors. It is the case of the appellants that the appellant No.1 Firm had approached the respondent No.1 Bank (hereinafter referred to as 'the respondent' for short) to avail EFC cum FBP/FBD under LC facilities to the tune of Rs.750.00 lakhs. For the same, appellant Nos. 2 to 4 stood as guarantors. The respondent, after duly considering the application made by the appellants, granted the facility on 31.3.2016. The appellants executed the requisite documents for the facility, which was subsequently renewed on 27.2.2017 as well as on 21.3.2018. For the facility availed by the appellants, the stock for