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Pre arbitration notice
How to reply the pre arbitration notice
( Dibrugarh, Assam )
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A.
Dear Client,
As per your statement it is not clear what you want to know.
Basically reply of a Arbitration notice we relate on few factors:
1. Respond within the stipulated time mentioned in the notice.
2. Maintain a formal and professional tone.
3. Attach relevant documents (if required).
If you cannot under the process I will suggest you engage legal counsel for further process.
As per your statement it is not clear what you want to know.
Basically reply of a Arbitration notice we relate on few factors:
1. Respond within the stipulated time mentioned in the notice.
2. Maintain a formal and professional tone.
3. Attach relevant documents (if required).
If you cannot under the process I will suggest you engage legal counsel for further process.
A.
Dear Client,
Your query suffers from insufficient information to address it suitably. However, be informed that in case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the personal loan agreement, before marking a loan as bad loan/NPA, the lender exhausts its course of action as stipulated in the loan agreement and send a Notice under Section 21 of the Arbitration and Conciliation Act, 1996 to the borrower who failed to repay his/her debt to resolve the matter at the pre-litigation stage which is mandatory before referring the disputes to Arbitration. So, on receipt of notice of arbitration from the Bank, you should attend the arbitration proceedings with your written reply to the said notice to settle your dues amicably with the Bank through mediation/conciliation at the pre-litigation stage failing which matter shall be referred for arbitration. An arbitration 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. If required you may hire an Advocate to navigate the matter in the right way.
Your query suffers from insufficient information to address it suitably. However, be informed that in case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the personal loan agreement, before marking a loan as bad loan/NPA, the lender exhausts its course of action as stipulated in the loan agreement and send a Notice under Section 21 of the Arbitration and Conciliation Act, 1996 to the borrower who failed to repay his/her debt to resolve the matter at the pre-litigation stage which is mandatory before referring the disputes to Arbitration. So, on receipt of notice of arbitration from the Bank, you should attend the arbitration proceedings with your written reply to the said notice to settle your dues amicably with the Bank through mediation/conciliation at the pre-litigation stage failing which matter shall be referred for arbitration. An arbitration 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. If required you may hire an Advocate to navigate the matter in the right way.
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