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affidavit of service is taken on record.
2. This is an application for appointment of an arbitrator in terms of clause
23 of the hypothecation agreement dated June 30, 2019. The petitioner is
a company which carries on business of providing financial assistance.
The respondent allegedly approached the petitioner for a loan and an
Agreement No.178971 dated June 30, 2019 was entered into between the
parties. The petitioner contends to have extended financial assistance to
the tune of Rs.1,80,00,000/- for three equipments along with accessories.
3. The contention of the petitioner is that the agreement was concluded in
the corporate office of the petitioner situated at 6A, Kiran Shankar Roy
Road, Kolkata – 700001. The principal along with interest was to be paid
in 31 monthly instalments. A revised repayment schedule was issued by
the petitioner on February 21, 2020. As per the revised payment
schedule, the respondent was to repay the said amount along with interest
by 32 monthly instalments. It is alleged that the respondent paid up to
the 5th monthly instalment and part of the 6th instalment. Thereafter, the
respondent committed default.
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