Ashis Kumar Chakraborty, J. - (1.) 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 the copies of the application were forwarded to both the respondents and they have received the same. Let the affidavit of service filed by the petitioner be kept on record. However, none appears on behalf of any of the respondents to oppose this application.
(3.) The petitioner claims that in terms of an agreement dated June 26, 2013 (hereinafter referred to as "the said agreement") between the parties, the respondent no. 1 obtained a loan of Rs. 53,50,000/- from it for purchasing one excavator as mentioned in paragraph 5 to the application. The said excavator stands hypothecated with the petitioner. The respondent no. 2, as the guarantor is a party to the said agreement which also contains an arbitration agreement for adjudication of all disputes arising between the parties, through arbitration.;