Can flat owner file consumer complaint against financial institution when arbitration proceeding alr

tej (Querist) 29 October 2012 This query is : Resolved
can flat owner file consumer complaint against financial institution when arbitration proceeding already started between the parties.i.e is it possible to file consumer complaint by flat owner when arbitration proceeding is initiated by financial institution.
is it possible to object place of arbitration on basis of distance from place of residence of flat owner.
how exactly arbitration proceeding takes place

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Guest (Expert) 29 October 2012
Get stay against arbitration proceedings if you want to file a consumer complaint, as conflict of two legal battles may harm your interest.

Distance has no relevance for objection on place of arbitration. You cannot raise any objection on the issue of place of arbitration. You will have to attend the arbitration proceedings in time at the venue fixed by the arbitrator.

During arbitration proceedings, while the financial institution would put its own case about your defaults, you will have to present your logical defence against the issues raised by the financial institution. Arbitration proceedings can also be held ex-parte if you don't participate in the proceedings. That can be harmful to your interests, as the matter is decided one-sided in the absence of the concerned party.

tej (Querist) 29 October 2012
thanks dhingraji
the arbitration has started and i have appeared in the matter but the financial institute before starting the arbitration has asked time to reply my queries regarding working of balance amount and its calculations and representative has given me in writing that he will require time to clarify my queries.
even then they have filed the claim statement before arbitrator without giving me the clarifications to my already raised queries.
and the record it self shows that there is itself contra entries regarding the statements of financial institute
can i have now any chance to go for consumer court? please guide me .
can i ask for stay on arbitration proceeding till having written clarification from financial institution on my pending queries? please guide me

Guest (Expert) 29 October 2012
Bring the matter effectively before the arbitrator. You can request the arbitrator to issue instructions to the financial institution to provide you the clarifications sought by you and to hold the arbitration proceedings in abeyance till the institution does not come forward with replies to your questions. If he fails to do that, you may proceed for stay order against the arbitration proceedings.

Devajyoti Barman (Expert) 29 October 2012
Whatever is objection on merit including question on jurisdiction of the arbitrator you can agitate the same before the arbitrator.
However at the same point of time you can file complaint against the developer under consumer protection act a well.
Both the proceedings are maintainable at the same point of time.

tej (Querist) 29 October 2012
thanks both of you dhingraji and barmanji
how i can get APR issued by RBI for specific period .how floating rate is calculated?
at start the finacial institute has charged me with11% and shown my EMI of 13000/as adjusted 3000/towards principal and 10000/towards interest then after 3 months they have shown rise in interest to11.5% and hence EMI of 13000 adjusted as 500/towards principal and 12500/towards interest.can this be justified?
is their any formula to calculate ratio of principal and interest from EMI?whatare the RBI rules regarding this?
please guide me.

Guest (Expert) 29 October 2012
For calculation purposes you may need to consult either a CA or a banker. Experts here are supposed to provide only general guidance on legal issues.

Can flat owner file consumer complaint against financial institution when arbitration proceeding alr

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