SREI EQUIPMENT FINANCE LTD. Vs. MITHU YADAV

JUDGEMENT

(1.) This is an application under Section 9 of the Arbitration and Conciliation Act, 1996 as amended by the Amending Act 3 of 2016.

(2.) From the affidavit of service filed on behalf of the petitioner, it appears that the copies of this application were served upon the sole respondent by way of Speed Post with Acknowledgement Due. However, none appears on behalf of the sole respondent to oppose this application. Let, the affidavit of service be kept with the record.

(3.) It is the case of the petitioner that in terms of the agreement dated May 15, 2015 (hereinafter referred to as 'the said agreement') the sole respondent obtained a loan of Rs. 46,40,000/- and acquired a Hydraulic Excavator mentioned in paragraph 3 of the application. The said excavator remains hypothecated in favour of the petitioner. The said agreement also contains an arbitration clause for adjudication of the disputes through arbitration.