ORDER

This petition has been filed under Section 34 of the Arbitration and Conciliation Act , 1996, challenging the impugned Arbitral Award dated

28.07.2023 passed in favour of the respondent against the petitioners.

2.The petitioners are defaulters in repayment of the loan to the respondent. In view of the default committed by the petitioners, the respondent initiated arbitration in accordance with the arbitration clause contained in the agreement, which is the subject matter of the dispute, by appointing a Sole Arbitrator. The Sole Arbitrator, acted upon the reference and after hearing both the parties, has passed the impugned Arbitral Award dated 28.07.2023 under which the petitioners have been directed to pay a sum of Rs.94,235/- together with interest at 18% per annum on the said sum from the date of reference i.e. 19.10.2022 till the date of realisation to the respondent. The petitioners, aggrieved by the impugned Arbitral Award, have filed this petition under Section 34 of the Arbitration and Conciliation Act , 1996 raising the following grounds:

a)The Arbitrator, who passed the