Civil Court or Arbitration in case of arbitration clause

You have to first go through the arbitration proceedings to prove the fraud. Otherwise certain times, the civil courts will straight away reject the plaint stating that there is an arbitration clause. Fraud committed has to be proved beyond doubt and this is possible only through the process of law. First go for arbitration, then if not satisfied approach appellate authorities and the High Court. This will involve time and also money which cannot be avoided. Your query that the amount of Rs. 30,000/- will be reversed or not depends on the result of the case. If you win then you can claim everything with costs and interests. 

This is my view also that instiutional Arbitrators ( NSE) are biased and I have recieved similar comments like-  :

       Please do not commit the mistake of going in for arbitration in NSE.  A large number of  Arbitrators retained by NSE, are biased in favour of Stock Brokers, they are corrupt and are cheats.  They do not care for documentary evidence but give awards for some 'other considerationbs'.  According to a recent survey, over 80 percent cases go against the investors.  Once you go in for arbitration and get a negetive award, you will be looser.  Do not waste time and hire some good criminal lawyer and file a case under 156(3) Cr.PC and section 200 private complaint.

       As a victim myself, I know it from first hand. Please do not apply for arbitration. File a criminal case as advised by some other member in this forum.  If you want a personal advice, I am available in New Delhi.

I want to go for civil  case but i think it will take a lot of time. 

You cannot file a civil suit as in case of filing teh civil suit, the Company may appeara nd may file an application under section 8 of the Arbitration and Conciliation Act, 1996 and in that case the court would certainly refer the parties for arbitration.

You should go for arbitration and in case during arbitration proceedings, you feel taht the arbitrator is biased, you can move to High Court for change of arbitrator.

You should also lodge a F.I.R. or Criminal Complaint in the matter.

In a criminal case, there is the provision of prosecution of accused but the civil liability to pay the amounts cannot be decided by the criminal courts and in the civil or arbitration matter the civil liability to pay the amounts can be decided.

There various judgments which says taht in case of arbitration agrement, the civil court must refer the disputes to larbitation and section 8 of the arbitration and coincialiationact says that the proceedings sghholuld be reffered to arbitration. However in case of fraud FIR sholuld be lodged and under the fear of arrest , the paym,ent  may be made.