Bank is doing fraud
Sanjeev
(Querist) 29 March 2017
This query is : Resolved
Arbitration Proceeding :
Bank Received Notice & Statement of Claim.
Bank did not come. Exparte Award Passed.
Sent Demand Notice along with Award to The Bank.
Received by "The Bank".
Reply given by "The Bank" was not satisfactory.
In a connected case The Bank refused that it has Received Any Notice, Statement of Claim, Demand Notice & Copy of The Award (in it's written reply).
My Questions :
1). Isn't Misleading the Court is a Fraud ?
2). What can Mr. X do to get his money from the Bank ?
3). What action Mr. X can take against The Bank ? As it was a huge amount & due to non payment from The Bank, His business has been ruined. He has to sell his car, property & everything of owned. He had suffered a huge loss as well harassment from the market.
rajeev sharma
(Expert) 29 March 2017
you have not given details of the matter between bank and Mr x. How and in what circumstances the arbitrator was appointed and by whom?
your query is not clear hence may not be replied
Rajendra K Goyal
(Expert) 29 March 2017
You asked:
1). Isn't Misleading the Court is a Fraud ?
Ans:
Please prove the fact in the court beyond doubt / to the satisfaction of the court.
You asked:
2). What can Mr. X do to get his money from the Bank ?
Reply:
With out referring full case file,it is difficult to advice.
You asked:
3). What action Mr. X can take against The Bank ? As it was a huge amount & due to non payment from The Bank, His business has been ruined. He has to sell his car, property & everything of owned. He had suffered a huge loss as well harassment from the market.
Reply:
Discuss in detail with some senior lawyer and proceed accordingly.
krishna mohan
(Expert) 30 March 2017
Hope for Arbitration you have engaged a counsel to protect your interest. Is the award issued in your favour? Is the time limit is over? Have you filed execution petition before competent court? Better consult your lawyer with all papers for better guidance.
Sanjeev
(Querist) 30 March 2017
Respected Rajeev Sir, Rajendera Sir & Krishna Sir,
The Bank belongs to the other State.
It is case of Unconditional, Irrevocable Bank Guarantee.
Conditions of The Bank Guarantee:
“In case of any dispute of any nature regarding the enforcement or Interpretation of this Bank Guarantee, the same shall be resolved through arbitration , to be appointed by Mr.X.
The decision of the Arbitrator shall be final and the venue of arbitration shall be New Delhi only.
All dispute shall be subject to New Delhi jurisdiction only and exclusively”.
@ Krishna Sir,
Yes, Mr. X have a counsel.
Yes, Award passed in Mr.X/his Favour as The Bank did not bother to reply or come to the Arbitration Proceedings.
Yes, The Time limit is over.
Execution has been filed in New Delhi Court but the Ld. P.O. transferred the Suit outside Delhi, Stating that the Bank & the Bank Guarantee belongs to other state.
After 20 months of passing the Award.
They have filed an Application U/s 34 to set aside the Award.
Despite of Receiving the Notice, Award, etc. & sending the Reply.
They are refusing that they ever received these documents.
Rajendra K Goyal
(Expert) 30 March 2017
Full case file need to be referred.
If Bank has issued Bank Guarantee, in absence of court orders otherwise, it was under obligation to honor claim and evoke counter guarantee / recover its amount otherwise.
Beneficiary of Bank guarantee can be from out of state or out of country.
Bank deals in money and is not concerned about the conditions of contract for which BG is issued.
Show the case file and discuss in detail with some senior lawyer.
Sanjeev
(Querist) 30 March 2017
Respected Sir,
Pls guide what action Mr.X can take against The Bank in this concern ?
krishna mohan
(Expert) 30 March 2017
U/s 34 award can not be challenged beyond 30 days from the date of award. We can not advise in the air without going through the document. Hence you may consult your counsel to explore the possibility of approaching Delhi High Court as per relevant provisions of A&C Act.
