A loan payable by 24 postdated cheques of equated monthly installment was given to Mr. X, the borrower, on the guarantee of Mr.Y. There is an arbitration clause also in guarantee deed as well as terms and conditions of loan. My question is:
Whether after dishonour of 3 or 4 cheques of borrower, arbitration proceeding regarding the amount of these 3 or 4 dishonoured cheques can be initiated against guarantor in addition to action u/s 138 against borrower and whenever other more cheques of borrower were dishonoured, another arbitration proceeding can be initiated against guarantor in addition to action u/s 138 against borrower of this second set of dishonoured cheques and so on. As cause of action arise each time whenever cheques are dishonoured.