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rajesh r   31 January 2019

arbitration

dear sirs

I have initiated a notice for arbitration against my partner but he has replied that he was forcefully made a partner and loan from banks where taken without his knowledge .. the firm has become npa and bank has taken over the machineries and referred the case to DRT.

the fact is this is a registered firm with 50 50 liability. also arbitration clause is there .. my partner has replied that he will not join. the arbitration because he is just a sleeping partner ( which is false) and avoid the arbitration proceedings.. how can I proceed with this matter .. kind regards
rajesh


Learning

 2 Replies

Suhail suhail (LAWYER)     31 January 2019

Just file the application under Section 8 of the Arbitration and Concialation Act 1996 in the Court ,he has to participate and if he will not participate he will be in loss. Don't waste time any more and just start the process for arbitration in the court of law, You can file the arbitration apllication with the arbitration agreement /arbitration clause of partnership deed in the District court of your area.

If the services are complete and stillyour partner failed to join proceedings he will put in ex parte and that is dangerious for him as the arbitration is much differant that suits 

1 Like

Prakash Herekar   31 January 2019

sir, Ihave a query A has taken loan from multistate coop bank, which turned NPA ,arbitrator appointed by the central coop registrar, dehlhi ,passed an order to attached the properties of A as well as of B being surety for the said loan. Bank released all the properties of A by accepting value of all the said properties, without closing A's loan account,which has more than loan sanctioned amount as outstanding in the said account. when B guarantor, requested to release the attachment on his property, bank refused to do so, and asked him to pay the entire amount of outstanding in the loan account of A. kindly suggest what action B should initiate against the bank.

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