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Sole arbitrator issued award against me what can be done now
24-Dec-2023 (In Arbitration Law)
In June 2017, An Lawyer notice for CC dues to his Bank within 30 days from the date mentioned of Sole Arbitrator, I objected his contention notice is false and replied matter to the bank for Amicable Amount Settlement is in progress, On 10th Aug 2017 settlement sent from the Bank with 09 EMI's by Email, On 14th Aug 2017 the Sole Arbitrator,for meeting on 30th Aug 2017 Around 5Pm, met him on 30th Aug 2017, submitted copies all correspondence for Settlement with bank from 2011 and replies from the bank, copy of Settlement with 09 EMI's enclosed to the Sole Arbitrator, nothing heard from him, On 25th Oct 2017,an mail received from the bank meet the Sole Arbitrator on 04.11.2017, I could not Attend him on this day due to my Ill Health,On 06th Dec 2017, Sole Arbitrator Sent an Copy of the Award to pay the Entire Dues As per their Bank calculation, what is the Remedy for this , Regards.
In Normal circumstances in case of bank recovery it is governed under SARFESAI ACT 2002 and the matter will be dealt in DRT i.e., debt recovery tribunal need to introspect your loan agreement and the mail correspondence with the bank and other related document to assess the loan payable from your end in the case of borrowers if they default 3 consecutive EMI''s their account will be listed as NPA.
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Adv. D Vijay Raj
Bangalore | 25+ Answers
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