arbitration for peronal loan
3 years ago
one of bank has issued notice for my personal loan,and they already started arbitration ,right now i unable to pay any loan amount due to financial conditions i need at least 6 month time so that i can arrange money , i am not running from making payment, i will definitely close this loan in 6 month timeline,what will happen if do not attend the arbitration process , what possible action bank will take .
Rishikesh Gherade
Responded 3 years ago
A.File an application u/s. 16 of Arbitration Act challenging the unilateral and arbitrary appointment of arbitrator. Mostly, the proceedings before the arbitrator will cease and the proceedings will terminate. Please note that this advise is limited based on the information provided by you and should not be construed as solicitation, conclusive opinion and final advise, in any manner.
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Sidhaarth
Responded 3 years ago
A.You must join arbitration proceeding and contest the same on logical points. Case can be linger on in order to gain time. Consult with detail for detailed consultation.
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A.Hi,
You may attend arbitration proceedings and put forward your point. Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
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You may attend arbitration proceedings and put forward your point. Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
If you find this answer helpful, please rate us.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
If you find this answer helpful, please rate us.
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
If you find this answer helpful, please rate us.
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Advocate Niyas Fazal A
Responded 3 years ago
A.You have to attend arbitration proceedings and convey your willingness to words payment that you need six months of time for closing the loan and negotiate with them regarding the reduction or waiver of interest levied on loan
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A.Attend the arbitration as the same for your benefit to express your grievances
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