Arbitrator

Querist : Anonymous (Querist) 03 January 2012 This query is : Resolved
i am having a personal loan from hdfc bank i had paid 60% but due to loss in business i am unable to pay my dues any more then i have entered in settlement agreement with bank to dispose off loan in 5 installment i had paid 2 installment but due to some problem i didn't paid balance 3 inst. after that i received a notice from arbitrator he calling me there.
my query is?

1) It is my duty to present there or not?
2) lawyer firm arbitrator having a legal power like a court?
3) what are the consequences if he declare ex-parte order?
4) Up to what extent bank can take action to recover loan & what are the penal provisions?

i request u to please solve my query.

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V R SHROFF (Expert) 03 January 2012
1] YES
2]yes
3]HDFC will start execution REGULAR DARKHAST court case, for execution of Arbitrator's Decree, and get attachment warrant & auction of your property throbbing Court.
4] All expenses for recovery charges, legal & Court Fees, etc will add over and above interest and are settlement.
Interest can be as high as 3% p.m.

u r replied OK.

Devajyoti Barman (Expert) 03 January 2012
Yes the Arbitral Tribunal has got all he powers of a court. If the arbitrator passes the ex parte order , the bank can file execution case and attach your properties to recover the award amount.

Sankaranarayanan (Expert) 03 January 2012
Both experts are explained well I do the same ponts in mind. Hope u awre all and no otherway to fulfill the order. U already given chance too

Querist : Anonymous (Querist) 04 January 2012
Thank u every one for your expert opinion.

but i have taken personal loan unsecured how could that attach my property. please tell me any remedy to get out of this & i request you to please tell me through which law or rule all it govern.

ajay sethi (Expert) 04 January 2012
ypu may have taken unsecured personal loan . arbitrator has passed an award against you . in execution of award passed by arbitrtor property can be attached . if you fail to pay property can be sold in execution proceedings .

Querist : Anonymous (Querist) 04 January 2012
thank u sir but can u tell me through which law all it govern?

prabhakar singh (Expert) 04 January 2012
The Arbitration and Conciliation Act, 1996
Text may be had from below site and there are many more sites.

http://www.indiajuris.com/pdf/Arbitration%20Laws%20in%20India.pdf

M/s. Y-not legal services (Expert) 05 January 2012
am also agree with experts..

-tom-

Raj Kumar Makkad (Expert) 08 January 2012
I have also similar opinion as of all other experts.

Querist : Anonymous (Querist) 10 January 2012
thank u every one for opinion can any body tell me about any remedy.

Advocate. Arunagiri (Expert) 10 January 2012
Attend the arbitration proceedings along with your advocate. Present your case and seek time for making payment.

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