Maintainability of Arbitration

It is not clear in your question whether there is an arbitraion agreement between the parties. you need clearification in your question.

Hi Prabodh,

Yes as Mr.Pandey told you, there is no clarity on your question and moreover...... X nothing can do? he is wrong doer.... he made default on repayment na....? wrongly credited or debited to someone's account is irrelevant to X, it is the matter between that the party affected and Financial company... ok ........ the issue is X having the responsibility of repaying the loan amount for that extent the financial company having the right to go for arbitration if the arbitration clause is there in the agreement between X and financial company........... no question of 5 emi or 3 emi...... right?

read clauses of agreeemnt

you are a borrower ,meet your financier and settle the issue.nobody hastime to make the thing complicated.wrongly adjusted will be corrected.question remains why you are a defaulter?simple mattepla  sort it out soon.

Going by your query, I think  this matter has arisen out of a Hire Purchase Agreement.  It is better to go through each clause of the Hire Purchase Agreement if there is one and then start taking a stand on the maintainability of Arbitration proceedings started by the Finance Company. If any clause of the Hire Purchase Agreement speaks about settlement of disputes between the parties through arbitration, then I think the arbitration proceedings initiated by the Company is maintainable.