SAHYADRI EARTHMOVERS Vs. L AND T FINANCE LTD

JUDGEMENT

(1.) The Petitioners have challenged award dated 6 May 2011 under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act).

(2.) Petitioner No.1 is a partnership firm, Petitioner Nos. 2 and 3 are the partners of the firm. Respondent No.4 is a guarantor. (The borrower). All of them have challenged even the validity, including the existence of LoanCumHypothecation Agreement dated 7 June 2007 (for short, "the loan agreement"), deed of guarantee for the vehicle/equipment and all actions arising out of the same. The Respondent/claimant (the financer) has invoked Section 9 of the Arbitration Act for protective and injunctive reliefs.

(3.) The Vehicles/Equipments which have been in their possession since 2007, stated to have been purchased by them by their own funds. The submission is made on behalf of Respondent No. 4 that there exists no loan and Arbitration agreement and therefore there was no question of passing award against him. This was also on the ground that the loan agreement in question was not signed by Petitioner No.4.