Appointment of sole arbitraror us 11

Dear Client,
In case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the loan or credit card agreement, before marking loan/credit card dues as bad loan/NPA, the Banks/FIs exhausts its course of action as stipulated in the agreement and send a Notice under Section 21 of the Arbitration and Conciliation Act, 1996 post-appointment of an Arbitrator in compliance with the provisions of Section 11 of the Act, to the borrower of the loan or credit card holder who failed to repay his/her dues to resolve the matter at the pre-litigation stage which is mandatory before referring the disputes for Arbitration. Section 25 of the Act deals with the failure of parties to the arbitration hearing fixed by advance notice issued under Section 24(2) to the parties. According to sub-Section (c) of Section 25 of the Act, if a party fails to appear at an oral hearing or to produce documentary evidence, the arbitral tribunal may continue the proceedings and pass an arbitral award on the evidence adduced before it. An arbitral award is final and binding upon the parties unless challenged under Section 34 of the Act. It is equivalent to a decree passed by a Civil Judge and is binding upon 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, 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 consult or hire an Advocate to represent your case in the arbitration proceedings to resolve the issue in the pre-litigation stage.