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Arbitration notice for auto loan

i had 6 emis pending since i received the arbitration notice , after that i paid 3 emis by that month only and 3 left and one emi will hit in few days ..if i paid one more emi before the new wmi hit in my account , can arbitration process stops ?

( Asansol, West Bengal )

1 month ago

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A.

Dear Client,
Once the repayment of the loan stops or bounces for three consecutive occasions, the Bank initiates a routine course of legal action for recovery of the loan from the borrower, marking the loan as a bad loan/NPA. In case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the 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 to settle your dues amicably with the Bank through mediation/conciliation at the pre-litigation stage. If required, you may hire an Advocate to navigate the matter in the right way.

S. K. Dutta

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