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not joined arbitration process
21-May-2023 (In Arbitration Law)
I had loan for buses from bank. due to losses in business i fail to repay the amount and settled with the bank last year. Almost 65% of settlement amount i had paid and failed to repay the balance amount. In between I had not joined any arbitration proceeding in influence of bank and now they are harassing me on the award taken by bank on arbitration. Now bank persons are saying that they may repossess my house without giving me any notice. what should i do. Do I have any legal remedies available??
Query perused. I would advise you to engage a lawyer and file a petition under section 34 of the Arbitration and Conciliation Act, for setting aside the arbitral award. Do also file a stay application under section 36 (2) of the Act. For further consultancy and legal services you may contact us.
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Adv. Anubhav Kathuria
Delhi | 1000+ Answers
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Hi Manpreet,
You can approach the court under section 34 of the Arbitration and Conciliation Act, 1996 for setting aside the Arbitral Award
In case of any help feel free to contact
Regards,
Rupal
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Adv. Rupal Luthra
Delhi | 25+ Answers
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When was the award passed? Did you settle the matter between after the arbitration commenced? Also, did you enter into any formal settlement agreement? All these things will be important to see what all legal remedies can you exercise.
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Adv. Tejasv Anand
Delhi | 100+ Answers
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if the arbitration award has been passed in your absence or ex parte you have option to appeal against that award within 30 days and after that award become enforceable and can be executed through the concerned court. for better advice you need to personally come to my office with all the relevant documents as soon as possible.
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Adv. Brajesh Kumar
Delhi | 25+ Answers
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