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 in terms of the order dated April 14, 2018, the petitioner has caused services of this application upon the respondents. 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 April 14, 2018 (hereinafter referred to as "the said agreement") the respondent no.1 obtained a loan of Rs. 48,45,000/- for acquiring the asset mentioned in paragraph 3 to the application. The said asset remains hypothecated in favour of the petitioner. The respondent no.2, as the guarantor, is a party to the said agreement, which contains an arbitration clause.;