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Need help regarding Arbitration Procedure
02-May-2023 (In Recovery Law)
Sir I had taken a loan from a cooperative society almost 3 years back, was not able to pay dues as missed in Covid and due to some financial issues. I have told them to remove all penalty and send me a revised schedule to make payment on monthly basis as cant pay one time payment. But they refused and said will go through legal Arbitration procedure. Kindly help me whats the procedure.
You need to settle the matter according to your convenience. Do not sign any paper until u r sure of repayments. In case if u get any legal notice, make sure u reply via your advocate. In case if u get summons from DRT or any other court, make sure u hire an advocate & fight back. Even legal proceedings won’t happen in a day. Via court u will get ample time.
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Adv. D. Khan
Delhi | 1000+ Answers
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The arbitrary proceedings are similar to the court proceedings. You will get the summons to appear before the arbitrator. You need to appear in person along with your counsel. You will be heard and then a arbitrary award will be passed after hearing both the parties. For more legal assistance I am just a call away.
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Adv. Jitender Singh
Delhi | 1000+ Answers
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Arbitration procedure is an procedural like a normal court procedure and the arbitrator has power to pass an award which has same effect as that of any court order. However if the proceeding has been commenced, then you should file your response and try to resolve the same at the stage of arbitration. For any further legal assistance please feel free to contact
Thanks
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Adv. Bhawana Pandey
Delhi | 1000+ Answers
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Hello, this is Advocate Mandeep Singh.
I received an enquiry from you for your legal issue. Please let me know how can I help you.
We serves at all courts in Delhi .
Thanks for contacting us u can call me also for discussion or visit my chamber
Thanks
Advocate Mandeep Singh
Delhi High court
Chamber No 372
Lawyers Block I
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Adv. Mandeep Singh
Delhi | 25+ Answers
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Hi, as per the limited information provided by you. I understand that there will be an Arbitration proceeding between you and the bank as you have failed to commit with the EMI’s promised. It will be essential to understand was the Loan personal or business. Secondly when did you stop paying the EMI. It is better to connect and schedule a meeting so that proper advise can be given. There is nothing to worry as we have dealt with these kind of cases and can provide you with one time settlement option.
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Adv. Ayush Kapur
Delhi | 200+ Answers
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