Hello all,
One of my friend had purchased bike on loan and after few defaults due to financial problems he could not pay the same. He then got arbitration Notice from a Bank and sole Arbitrator was appointed for the same. Now award has been passed Ex-Parte in favor of the claimant to sell the bike and recover the money from the same. But even after getting the award, the Bank's favor the bank is still deducting instalment through ECS from his Bank Account. And he has also paid the pending dues during the period of Arbitration matter which means as of now there is no dues except the penalty which they have charged and the pending instalments which is not yet due.
What would be consequence of such deduction ?
Whether settlement can be reached through settlement and if yes then involvement of Arbitrator is required ?
What is the limitation for execution of such award?
What will be the effect of such award as even after the award the debtor is paying to the creditor the instalment?
