Arbitration proceedings

Querist : Anonymous (Querist) 21 November 2011 This query is : Resolved
Respected sirs,i got finance from sriram chit with 10 emi for tv cost about 10900.i paid 9 emi with post dated checks.eighth check delayed for three days.chit asked penalty 800 for amount 1090.i denied for high amount as a penalty.did not pay anything for that emi.after two years of date of check chit issued notice and proceeded for arbitration.i do not have knowledge about arbitration.simply they taken signature on arbitration agreement at the time of buying .i neglected the proceedings.1)what are the orders possible by arbitrator?any convicton possible?consequences?

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Devajyoti Barman (Expert) 21 November 2011
The arbitrator has got power to pass award like a civil court anything it finds judicious.

So what is he going to pass, only he or god knows.
Since the matter involves smaller amount of money, it is better to make a settlement.

Rajeev Kumar (Expert) 21 November 2011
Agree with Barman

prabhakar singh (Expert) 21 November 2011
yes! i agree

Guest (Expert) 21 November 2011
Agree with Shri Barman.

Advocate Bhartesh goyal (Expert) 21 November 2011
If the matter is pending before Arbitrator,it will be better to settle the matter with petitioner else Arbitrator will pass an Award with interst and cost.

Shailesh Kr. Shah (Expert) 21 November 2011
Good guidance by Mr.Goyal.

Raj Kumar Makkad (Expert) 21 November 2011
As you ignored the proceeding and do not know outcome so better you enquire it and then take help of local lawyer and contest the matter as per legal provisions.

prabhakar singh (Expert) 22 November 2011
In condition stated by you i guess arbitrator
would be a pocket biased man but signing the same binds you and proving him biased would be a very very hard nut to crack then amicable settlement is one of the best advise already given to you.

We must learn to evaluate the cost of litigation vs. possible financial out comes of any litigation.No lawyer would personally advise you this aspect barring those who are part of this site in whose mind service is greater than their financial gains.

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