I had taken an emi product
9 months ago
Hello All,
In the year 2022, I had taken an emi product of Rs 50000/- from bajaj Finserv in Bangalore. i missed 4 months emi and i recieved arbitation notice from bajaj finserves sole arbitrator. i dont know how to proceed this. please help me about the further processes and solution
A.Dear client,
You will have to revert to the said notice. Kindly contact a good arbitration lawyer to help you place your case in best possible way.
If you ignore, the proceedings shall happen ex-parte. The provision of section 25 of the arbitration and conciliation act makes it clear that the arbitrator may pass order ex parte in the absence of any of the parties to arbitration. You may face the risk of the award being passed against you. Getting that set aside has to be done from High Court which would be more costlier.
You will have to revert to the said notice. Kindly contact a good arbitration lawyer to help you place your case in best possible way.
If you ignore, the proceedings shall happen ex-parte. The provision of section 25 of the arbitration and conciliation act makes it clear that the arbitrator may pass order ex parte in the absence of any of the parties to arbitration. You may face the risk of the award being passed against you. Getting that set aside has to be done from High Court which would be more costlier.
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A.Dear Client,
Arbitration is a quasi-judicial and cost-effective means of settlement of disputes between parties outside of elaborate court procedures. An arbitration agreement is a contractual obligation between two parties where they agree to settle disputes without taking the litigation route. Usually, in Hire Purchase Agreement or Consumer Loan Agreement, Financier puts a clause in the Agreement that in case of any dispute or difference arising between the parties for breach of the Agreement or for any other reason. the dispute shall be resolved following the provision of the Arbitration and Conciliation Act, 1996 and the dispute may be referred to an Arbitrator for redressal of the dispute. Arbitration is an alternative to litigation in courts and is advantageous as it provides flexibility and confidentiality. Advantages of arbitration -A person appointed as arbitrator is based on the whims of the parties. If parties agree only then an arbitral tribunal is taken into matter. It is inexpensive and saves time. It ensures a fair trial. The arbitral award is binding on both parties and enforced in the same way a decree of the court is enforced. So, settlement of any dispute through arbitration is not harmful either for the customer or for the financier. You need to consult with an Advocate for guidance and steps.
Arbitration is a quasi-judicial and cost-effective means of settlement of disputes between parties outside of elaborate court procedures. An arbitration agreement is a contractual obligation between two parties where they agree to settle disputes without taking the litigation route. Usually, in Hire Purchase Agreement or Consumer Loan Agreement, Financier puts a clause in the Agreement that in case of any dispute or difference arising between the parties for breach of the Agreement or for any other reason. the dispute shall be resolved following the provision of the Arbitration and Conciliation Act, 1996 and the dispute may be referred to an Arbitrator for redressal of the dispute. Arbitration is an alternative to litigation in courts and is advantageous as it provides flexibility and confidentiality. Advantages of arbitration -A person appointed as arbitrator is based on the whims of the parties. If parties agree only then an arbitral tribunal is taken into matter. It is inexpensive and saves time. It ensures a fair trial. The arbitral award is binding on both parties and enforced in the same way a decree of the court is enforced. So, settlement of any dispute through arbitration is not harmful either for the customer or for the financier. You need to consult with an Advocate for guidance and steps.
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A.Dear Sir,
Even if you appear before the Arbitrator, he will pass award which is equivalent to Civil Court decree. Better to compromise the case and clear the loan.
Even if you appear before the Arbitrator, he will pass award which is equivalent to Civil Court decree. Better to compromise the case and clear the loan.
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raj kumar
Replied 9 months ago
Sir still i didn't reply acknowledgemnet to the arbitration mail. If i clear the pending payments now arbitration will stop or still it will continue
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