ORDER

This petition has been filed under Section 11(6) of the Arbitration and Conciliation Act, 1996, praying to pass an order of appointing a sole arbitrator to decide the dispute between the petitioner and respondent in accordance with Article 20 of the Hypothecation Agreement dated 28.03.2019.

2.Learned counsel appearing for the petitioner would submit that the petitioner is a Non-Banking Finance Company registered under the provisions of the Companies Act 1956 and carries business of extending various finance facilities. While so, the 1st respondent approached the petitioner and requested to avail a loan of Rs.16,80,000/-. The said proposal was accepted by both the parties and the petitioner as lender, the 1st respondent as borrower and the respondents 2 and 3 as guarantors had entered into a Hypothecation Loan Agreement dated 28.03.2019 for the purchase of vehicle namely TATA Tipper LPK 2518 TC bearing Engine No.03261G637641 Chassis No.MAT448502G3G17633 and Registration No. TN 73 L 8170.

3.Learned counsel would further submit that under the said loan agreement, the petitioner has disbursed the loan amount of Rs.12,00,000/- to the 1st respondent which was repayable with finance ch