Chivalry of a Failed Knight

Premise

Magic Knights are modern magic-users who fight with weapons converted from their souls. Ikki Kurogane goes to a school for these Magic Knights, but he is the "Failed Knight" or "Worst One" who is failing because he has no magical skills. However, one day, he is challenged to a duel by Stella, a foreign princess and the "Number One" student. In this duel, "the loser must be obedient for life."