Ep in arbitration awards
N.MOHAN
(Querist) 16 February 2016
This query is : Resolved
I have taken a unsecured Personal Loan from Kotak since 2005. 1st they have givenen a 1L in Jan 2005 with 24 EMI of 5166. Again in Aprl 2006 2.5L given with 24 EMI of 12846.
Again on May 2006 they have given 2.5L & adjusted the ist Loan of 1L with 36 EMI of 9420/- In March 2007, they have given 7.2L by adjusting all the previous loans with 36 EMI of 26768/ Again on March 2008 they have given 7.2L by top up of the previous loan and on hand recd 1,81,181 with 36 EMI of 27320/- I paid 12 EMI. All loans are given by them purely on my repayment track of loan only. At that time due to world recession and my Business loss, I am unable to pay further.All dues are paid through ECS only. I sent a detailed Lawyer notice to them immediately as soon as the 1st bounce happened, stating my inability to pay dues and asked them not to present the future EMIs.But, they continue to do so and got bounced and I am forced to close the account. Now in 2015, I received a Private notice to appear in EP court and demanded to arrest and detain in civil prison under order 21 & Rule 37&38. Then I appeared in the court & EP was filed on Arbitration award, which I am not aware. My self & my wife as co-borrower and my company as guarantor. I have closed my company on oct2009 itself due to financial constrain. Now I am doing as Mutual fund &Insurance advisor and my income is around 1L to 1.5L per annum , that too past 2 years only & just pushing my life somehow. Kindly give me a solution, how to come out of this case. Literally I am penniless. Help me by giving the tips to file a counter to squash the order.
rajagopal.s
(Expert) 17 February 2016
Hi
If you have not participated in arbitration proceedings, then no E.P can be executed. Unless and until you have participated in arbitration, then the dispute remains unresolved.
N.MOHAN
(Querist) 17 February 2016
Thanks for your reply Sir.Still I need a clarification.
In Arbitration they mentioned, they are unable to communicate me because they sent by post returned as Left. and treated as ex-party and awarded in 30/10/2009. itself. Now on 2015, they filed an EP and the case is going on. Kindly clarify by mentioning Legal acts if any avl.
Then how the court admitted and asked send the Notice to me. Now they asked me to file a counter. Help me by giving with right information
Rajendra K Goyal
(Expert) 17 February 2016
You are caught in the net of tactics adopted by such companies.
Discuss in detail with local lawyer.
N.MOHAN
(Querist) 17 February 2016
Thanks Mr. Rajendra K Goyal. Kindly explain mein details. I am not in a position to engage a lawyer. I am appearing in person. Kindly help me, how to file a counter.
N.MOHAN
(Querist) 18 February 2016
I haven't received any reply
rajagopal.s
(Expert) 19 February 2016
Dear Mohan
Please do not make the mistake of appearing as a party in person especially when you are facing EP .
Contact a local lawyer to help. Lawyers after perusal of your case papers, might support you for lesser fees.
N.MOHAN
(Querist) 19 February 2016
Thank you Sri Rajagopal sir. But, can you suggest me some law points favouring my side pertaining to this case. Expecting your reply anxiously
N.MOHAN
(Querist) 24 February 2016
Sri Rajagopal, I will be grateful to you, by sending some valuable points to my email mecnmohan@gmail.
N.MOHAN
(Querist) 24 February 2016
Sri Rajagopal, I will be grateful to you, by sending some valuable points to my email mecnmohan@gmail.com
