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Received recovery notice can I settle at this stage
27-Jun-2023 (In Recovery Law)
Hi, I've received a letter from sole arbitrator stating that a award has been given against me and the claimant can recover the outstanding dues from the respondent by appropriating the Moines, Securities, assets or deposits of the respondent..... and I have been ordered to pay the full amount along with the interest ...so i want to know weather I can ask for a settlement at this stage or opt for emi for full payment... and if so should I contact the bank or the attorney hired by the bank and how much time do I have before they file a police complaint against
Dear sir,
if award is passed by the Arbitrator then remedy left to you is challenge the award in Section 34 before the Hon'ble High Court. if is do not challenge the same within 90 days from receipt of the award it will become final and you will have to pay entire amount. In execution of award and for recovery your assets can be attached by the Court. Therefore it is advisable to challenge the award on urgent basis.
if award is passed by the Arbitrator then remedy left to you is challenge the award in Section 34 before the Hon'ble High Court. if is do not challenge the same within 90 days from receipt of the award it will become final and you will have to pay entire amount. In execution of award and for recovery your assets can be attached by the Court. Therefore it is advisable to challenge the award on urgent basis.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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