(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.
(3.) The Respondent appointed Mr. Nitin Chadha as sole Arbitrator to adjudicate the disputes. In response to the claims filed by the Respondent before the learned Arbitrator, the Petitioners filed a reply statement, inter alia, raising the following preliminary objections: