Civil Procedure Code (CPC)

Stay order file against arbitration award


Dear Sirs, I am Vivek Hariyani. I wanted to know if the Bank can file Arbitration award against me. I am the legal heir of Loan-holder (my father). My father has passed away. I have paid 70% of amount. Is there any time limitation barred in arbitration award or can we file stay order against Arbitration Award? can I waive off interest in Arbitration Award or not.

 
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Retired employee.

To my knowledge, there is no such thing as "arbitration" in Banks.  There is one Compromise through one-time settlement through Lokadalat or in between the parties.  If the securities are adequate, banks never bother as they can collect penal interest also, if the security is not adequate then only they may hasten.  Contact a local advocate and get his guidance for the PLC petition before Lokadalat after one or two months after issuing such notice/proposal to bank branch under copy to higher authorities.

 
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Advocate

Who were the parties in the arbitration? Is the award solely against your father?

 
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Lawyer

Originally posted by : vivek hariyani
Dear Sirs, I am Vivek Hariyani. I wanted to know if the Bank can file Arbitration award against me. I am the legal heir of Loan-holder (my father). My father has passed away. I have paid 70% of amount. Is there any time limitation barred in arbitration award or can we file stay order against Arbitration Award? can I waive off interest in Arbitration Award or not.

@ Vivek Hariyani,

You have stated, "I wanted to know if the Bank can file Arbitration award against me. I am the legal heir of Loan-holder (my father)." it implies that it is your apprehension and no case has so far been filed. Accordingly nothing can be predicted / presumed by experts on this platform.

 
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