- (1.) This is an application under Section 9 of the Arbitration & Conciliation Act , 1996 as amended by Act 3 of 2015 (in short, "the Act of 1996").
(2.) From the affidavit of service filed by the petitioner it appears that the petitioner forwarded copies of the application to the respondent and the respondent received the same. However, the respondent remains unrepresented. Accordingly, this application is taken up for hearing in the absence of the respondent.
(3.) It is the case of the petitioner that in terms of an agreement dated March 5, 2018 (hereinafter referred to as "the said agreement") the respondent obtained a loan for acquiring the asset, described in paragraph 2 of the application, which remains hypothecated in favour of the petitioner. According to the petitioner, the respondent failed to pay the monthly instalments in terms of the said agreement and as on November 15, 2019, approximately Rs.18,09,458/- remains outstanding from the respondent to the petitioner. Accordingly, the petitioner terminated the said agreement and filed this application to take possession of the hypothecated asset through Receiver.;