ASHIS KUMAR CHAKRABORTY,J. - (1.) The Court : This is an application under section 9 of the Arbitration and Conciliation Act , 1996, as amended by Act 3 of 2016 (in short "the Act of 1996"). A copy of the application has been served upon the sole respondent who is present before this Court.
(2.) The petitioner claims that in terms of an agreement dated March 15, 2016 (hereinafter referred to as "the said agreement") between the parties, the respondent obtained a loan of Rs.7 crores for purchasing barge, bearing registration no. WB 1484 more particularly described in paragraph 2 of the petition. The said barge stands hypothecated in favour of the petitioner. The said agreement also contains an arbitration agreement between the parties for adjudication of all disputes arising between the parties, if any, through arbitration.
(3.) Although under the said agreement the respondent was obliged to repay the dues of the petitioner, together with the agreed rate of interest and pay other charges to the petitioner by 52 monthly instalments of variable amount, but after paying the first 11 instalments and part of 12th instalment, the respondent has failed to repay the balance dues of the petitioner.;