Award was passed by an arbitrator

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Award was passed by an arbitrator

I got a letter say an award was passed by an arbitrator against my credit card dues on 22nd October. Can I still settle my dues with the bank at a reduced payment plan or I've got bo choice but to adhere to the award. Please help me

2 months ago

Reply

Dear Client,
An arbitral award once passed by the arbitrator is final and binding upon the parties unless challenged under Section 34 of the Arbitration and Conciliation Act, 1996. It is equivalent to a decree passed by a Civil Judge and is binding upon the parties. The enforcement procedure and execution decrees of an arbitral award in India are governed as per the provision of the Arbitration and Conciliation Act, 1996. The time-limit for challenging an award under Section 34 of the Arbitration Act is absolute and no delay beyond 30 days from the prescribed period of 90 days can be condoned by any Court. Once the time for making an application to set aside the arbitral award under section 34 has expired or such an application has been refused, the award becomes enforceable and binding on the parties. Section 34(3) of the Arbitration and Conciliation Act, 1996 provides that an application for setting aside an arbitral award should be made before the High Court within three months(90 days) from the date on which the party receives the arbitral award. So, when you receive the arbitral award on 22/10/2024, it is still under the limitation period for challenging the award under Section 34 of the Act. If required you may hire the service of an Advocate to navigate the matter in the right way.