Arbitration Urgent Please
SATYANARAYANA K
(Querist) 11 March 2010
This query is : Resolved
"A" & "B" are Brother, "A" have participated in Chits hence "A" good reputation in the Chit Fund Finance Co, but poor person.
Actually money required to "B" but did not participate in any Chits.
Believed the version of "B". my client is "A" took Personal Loan and executed Agreement cum Hypothycation. while taking cheque from the company, agents gave Chaque to "B" in Hotel not in Office. "B" & Chit Fund Finance Co agents colluded each other cheated my client.
In that agreement "B" kept sign a Guarantor and also "B" arranged "C" as Guarantor "C" is State Government Employee. in that agreement "B" & "C" as Guarantors, but "B" did not took Arbitration Notice intentionally.
"A" took Arbitration notice and approached me for justice. i know "A" since long time but poor, now i wanted to save his life and family.
Please give guidance, how to save "A" in the Arbitration proceedings. and how to prove the guilty of "B". and also did not took notice intentionally.
Now "A" position is cannot pay single Rupee. if not pay
My Query is then what will be actions taken by the Arbitrator please give advise, i am waiting for your valuable replies.
Raj Kumar Makkad
(Expert) 11 March 2010
Satyanayana! Despite of long quarry various things still remain uncleared like what was agreement, with whom, how B & C became guarantors in whose favour, what loan was isbursed by whom, the terms of the loan/borrowing etc.
All is unclear without which it is difficult to comment anything on your quarry.
SATYANARAYANA K
(Querist) 11 March 2010
Thank you for reply sir, "A" took loan from the Chit Fund Finance Co and "A" executed agreement cum Hypothycation in favour of Chit Fund Finance Co.
"A" & "B" are Brothers, total borrowed amount Rs.2,00,000/- by "A" from the Chit Fund Finance Co.
But "B" took cheque from the above company, company agents and "B" each other colluded "B" took cheque in a Hotel by Chit fund company agents. Generally Chit Fund Finance Co issue a cheque in the office who borrow the money from the Chit Fund Co.
Chit Fund Finance Co issue a cheque in favour of "A". accordingly "B" presented a cheque in "A" Savings Bank A/c.
later "B" total amount took from "A".
In the above agreement cum Hypothycation deed "B" kept sign as Guarantor.
"B" friend is "C". Hence "B" requested to "C" to kept sign on the above agreement as guarantor, accordingly "C" kept sign as Guarantor in the above said agreement.
Now "B" refused to take Arbitration Notice
Now "A" position is poor cannot pay single rupee.
"A" cheated by "B". How to save "A" life from the debt amount borrowed by "A". waiting for you reply sir,
