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').
(2.) From the affidavit of service filed on behalf of the petitioner, it appears that copy of the application forwarded to the respondents by speed post with A/D has been received by them. Let, the affidavit of service filed on behalf of the petitioner be kept on record. However, none appears on behalf of any of the respondents to oppose this application. Accordingly, this application is taken up for hearing in the absence of the respondents.
(3.) It is the case of the petitioner that in terms of the agreement dated June 12, 2015 entered into between the parties (hereinafter referred to as 'the said agreement'), the respondent no.1 obtained financial assistance of Rs. 22,27,500/- from the petitioner for acquiring the assets, described in paragraph 2 of the application. The said assets remain hypothecated in favour of the petitioner. The respondent no.2 is also a party to the said agreement, which contains an arbitration agreement.;