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30.01.2015

1. The challenge in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 ('Act') is to an Award dated 21st May 2014 passed by the sole Arbitrator in regard to the claims filed by the Respondent/ claimant against the Petitioners.

2. The Petitioners are stated to be in the flower business and based in Hyderabad. It is stated that by an agreement dated 24th June 2010, the Respondent Religare Finvest Ltd. ('RFL') sanctioned to the Petitioners a loan of Rs.61 lakhs repayable in 120 equal monthly instalments of Rs.91,080 over a period of 10 years. At the time of sanctioning of the loan agreement, the Petitioners also signed other documents including a letter confirming the deposit of original title deeds of the property at Plot No. 81, H No. 3-9-242, West Marredpally, Hyderabad-500047 with the Respondent. The Petitioners claimed to have admittedly defaulted in payment of a few instalments. RFL sent a notice dated 10th August 2012 which was received by the Petitioners on 5th September 2012. The Petitioners claimed to have thereafter paid certain instalments in the months of September, October and November 2012. Thereafter, RFL filed OMP No. 1020 of 2012 in this Court in which an order was passed on 9th November 2012 restraining the Petitioners from disposing of or selling or alienating the aforementioned property subject to RFL initiating arbitration proceedings within two weeks.