SREI EQUIPMENT FINANCE LTD Vs. JYOTHI INFRA

JUDGEMENT

(1.) The Court This is an application under section 9 of the Arbitration and Conciliation Act, 1996, as amended by Act 3 of 2016 From the affidavit-of-service filed on behalf of the petitioner, it appears that copies of the application were forwarded to the respondents by speed post with acknowledgement due card but the postal department has returned the envelop with the endorsement refused.

(2.) 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 September 15, 2017 (hereinafter referred to as the said agreement) the respondent no.1 obtained a loan of Rs.28,51,237/- for acquiring the asset mentioned in paragraph 5 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.