Indian Kanoon - Search engine for Indian Law

respondents remain unrepresented. Accordingly, this application is taken up for hearing in the absence of the respondents.

It is the case of the petitioner that in terms of an agreement dated 16th November, 2018 (hereinafter referred to as "the said agreement") the respondent no.1 obtained financial accommodation for acquiring the asset, described in paragraph 2 of the petition which remains hypothecated in favour of the petitioner. The respondent nos.2 and 3 as the guarantors are also parties to the said agreement, which contains an arbitration clause. According to the petitioner, the respondent no.1 failed to pay the monthly instalments in terms of the said agreement and as on 15th January, 2020, Rs.21,66,735/- remains outstanding from the respondents to the petitioner. Accordingly, the petitioner terminated the said agreement and filed this application to take possession of the hypothecated asset through Receiver.