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Arbitration and Mediation

Late payment of loan

I took a friendly loan and signed an agreement in June 2019 and paid in November 2023, which I had to pay in November 2019, now the borrower in 2025 has issued me an arbitration notice for interest amount for delay payment. In my case their is any time limit for activate the arbitration clause. Please guide.

( Chandigarh, Chandigarh )

2 months ago

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A.

Dear Client,
As per Article 137 of the Limitation Act, 1963, the limitation period for invoking arbitration and filing an application under Section 11(6) of the Arbitration and Conciliation Act, 1996, is three years from the date of the cause of action or the right to apply accrues. Since you delayed the repayment of the loan in 2023 instead of 2019 in terms of the agreement, the cause of action or right to invoke an arbitration clause claiming interest on delayed payment is within the period of limitation as prescribed under Article 137 of the Limitation Act provided the clause of arbitration is specifically mentioned in the agreement executed between the parties. So, first ensure whether a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the agreement or not and in case it exists in the agreement, on receipt of a notice under Section 21 of the Arbitration and Conciliation Act, 1996 from the lender, the defaulted borrower should triy to resolve/settle the matter amicably with the lender at the pre-litigation stage which is mandatory before referring the disputes to Arbitration. If required, you may hire an Advocate to navigate the matter in the right way.

S. K. Dutta

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