NARESH KANAYALAL RAJWANI Vs. KOTAK MAHINDRA BANK LIMITED

JUDGEMENT

(1.) Heard the learned counsel for the parties. Admit. Heard finally with the consent of learned counsel for the rival parties.

(2.) By the present petition, the petitioners have challenged Award dtd. 3/8/2019, passed by a sole Arbitrator, whereby the petitioners were directed to pay specific amount along with interest to the respondent - Bank.

(3.) The brief facts leading to filing of the present petition are that a home loan agreement was executed between the respondent - Bank and the petitioners, whereby certain amounts were advanced to the petitioners. The said agreement contained an arbitration clause, which reads as follows: