can arbitration and surfacia powers both be used by banks

yash (Querist) 26 February 2017 This query is : Resolved
can arbitration and surfacia powers both be used by banks for recovery of dues

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yash (Querist) 26 February 2017
can arbitration and surfacia powers both be used by banks for recovery of dues

Guest (Expert) 26 February 2017
Generally, not both at a time. However, discuss the real problem for arriving our some purposeful opinion.

R.K Nanda (Expert) 26 February 2017
no is the reply.

Adv. Yogen Kakade (Expert) 27 February 2017
The answer is 'NO'

yash (Querist) 27 February 2017
Thanks a lot sir

I have taken loan from a Nbfc in 2009.
Due to some issues some Ecs. Are returned unpaid .
So in 2011 the nbfc referred the matter to a sole arbitrator who passed an ex-party award.
We filed objections u/s 34 against the execution petition.
Case is still sub-judice.
Meanwhile nbfc's are granted powers of surfacia act on 16/8/2016.
So they issued a notice u/s 13 (2) .on which I have filled a writ petition in high court. High court had stayed the auction but nbfc still issued a notice u/s 13 (4).

So my question is
can arbitration and surfacia powers both be used by banks for recovery of dues ?

Payment deposited after 2011 can be adjusted in principle outstanding ?

Plz help
Any supreme Court guidelines ?

Guest (Expert) 27 February 2017
Mr. Yash,

Did you try to take test of the experts by putting merely an academic query and not making mention of the background of the case with reference to the arbitration and the surfacia?

Your earlier query suggested, as if the NBFC was bent upon to take shelter of both at a time. So, I have clearly pointed out, not both at a time.

Even now according to the case history, the stage of arbitration is already over. When stay has been taken on arbitration award, the NBFC was well within its right to invoke the provisions of other very effective statutory weapon that is not affected by the implication of a weak weapon of arbitration award.

You must know that every law has its own limitations or authority depending upon the background, characteristics, and circumstances of the case.

Rajendra K Goyal (Expert) 28 February 2017
Is this the same case:

http://www.lawyersclubindia.com/experts/Missuse-of-security-cheque-490001.asp

Guest (Expert) 28 February 2017
Well Questioned by Madam RK Goyal

Rajendra K Goyal (Expert) 28 February 2017
Any vague / unwarranted / irrelevant / posts should be avoided.
Neither it is a good habit nor requirement of the thread..
Experts should try to be sober