Hi one multi state co op bank took ex parte arbitration award against my friend as he was guarantor. under sec 84 of multi state co-op law 2002 from Mumbai. my friend stay in pune. the award copy even not delivered to my friend by co- op bank. even they haven't taken any execution order from Court & submitted to his saving account bank within 70 days . on that basis bank transfer his entire amount
to co operative bank. my question is
1. does co operative bank has right to enforce award directly without taking execution order from District court..?
2. if No then what is the process for enforcement.?
3. is there any legal Notification available by RBI or supreme Court for enforcement of Arbitration award.?
The bank is wrong in their action; they ought to have taken steps to execute the award through a Court of Law.
