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.
(2.) From the affidavit of service filed by the petitioner, it appears that copies of this application were forwarded to both the respondents at their respective addresses mentioned in the agreement dated April 7, 2016 (hereinafter referred to as the "said agreement"), but the postal authority has returned the same with an endorsement "not claimed". Accordingly, service of the application on the respondents is treated as complete.
(3.) It is the case of the petitioner that in terms of the said agreement dated April 7, 2016 entered into between the parties, the respondent No. 1 obtained financial assistance of Rs. 25,48,116/- from the petitioner for acquiring one asset described in Annexure - "B" to the application. The said asset remained hypothecated in favour of the petitioner. The respondent No. 2, as the guarantor, is a party to the said agreement, which also contains an arbitration agreement.;