Arbitration award on personal loan

First you get the copy of the award from the bank or the arbitrator.

It can be challanged in appeal and it will be set aside.

You can get the stay after getting oopy of the award and filing appeal.

The bank would have sent you notice for arbitration on your last known address.

Anyway, get a copy of the arbitration award and consult some local lawyer after getting that examined thoroughly about the circumstances under which the award was given ex-parte.

Dear JP

Ask the bank to provide you a copy of Award in Regd Post & then move the Court of the Dist Judge by filing a application u/s-34 of A & C Act. Remember that there is no revision provision against the Award passed by the Arbitrator. Only you can pray to set aside the award.

Sir, As advised, I am in the process of getting award copy from the bank, when I met local advocate, he says that I need to pay 50% of the amount to court. Is it true? please advise

Now there are two steps after amendment in the ARBITRATION ACT.   One is appeal for setting aside the award which has to be done in 45 days of award. Since you got knowledge later so you have to also file delay condonation application giving details of how and when you got knowledge of award.

Second step  is for stay of the award  for which you have to file a separate application for which depending on your objections the court will fix deposit money for stay.

Originally posted by : jaiprakash
	Sir, As advised, I am in the process of getting award copy from the bank, when I met local advocate, he says that I need to pay 50% of the amount to court. Is it true? please advise

That is likely in most cases. However, you may follow the steps as advised by Advocate Laxminarayan.

Agree with both Shri Lakshmi Narayan and Shri Jigyasu.

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