Loan Default | Arbitration & Conciliation Act 1996 | Interim Measure Order Section 17 скачать в хорошем качестве

Loan Default | Arbitration & Conciliation Act 1996 | Interim Measure Order Section 17

Loan Default | Arbitration & Conciliation Act 1996 | Interim Measure Order Section 17 1. Arbitration Clause in Loan Agreement Most loan agreements contain an arbitration clause, which means that in case of any dispute (like loan default), both parties agree to resolve it through arbitration instead of going to court. 2. Notice of Arbitration After a loan default, the lender (bank/NBFC) sends a Notice of Invocation of Arbitration to the borrower. This notice informs the borrower that arbitration proceedings will begin and an arbitrator has been appointed. 3. Appointment of Arbitrator An arbitrator is appointed as per the agreement. Sometimes both parties jointly appoint an arbitrator; if not, one is appointed under the Arbitration and Conciliation Act, 1996. It can be a sole arbitrator or a panel (tribunal) of arbitrators. 4. Commencement of Arbitration Proceedings The arbitrator conducts hearings where both parties present their case. The lender submits evidence such as the loan agreement, bank statements, and proof of default. The borrower can also submit a defense, like proof of payments, disputes over interest/charges, or financial hardship. 5. Arbitration Award After considering all evidence, the arbitrator passes a decision called an Arbitral Award. If the award is in the lender’s favor, the borrower is directed to repay the outstanding loan amount along with interest and legal costs. 6. Execution of Arbitration Award If the borrower doesn’t comply with the award, the lender can approach a civil court to enforce the award as if it were a court decree. This can result in: Salary attachment Freezing of bank accounts Attachment and auction of movable/immovable properties 7. Challenging the Arbitration Award The borrower can challenge the award under Section 34 of the Arbitration and Conciliation Act, 1996. This must be done within 90 days of receiving the award, and only on limited legal grounds (e.g., procedural unfairness, bias, etc.). #loan #notice #police #settlements #loandefault #vidhiteria #skyfinancialfreedom #abplive #profitplus #brijllb #lawadvice #Decentadvice #smart&legalguidance #loanhelpsir #focuspath #legalreporter #legalshots #legalandsocialawarenessbykarimah.. #advocatedheerajkumar #advocatenarendrajoshiandassociate #lawchamberofadvocaterahulmishra #heatme05 #homemortgageinfodelhincr #leadindialaw #advocategurdeepsinghsengar #kanoonkey99 #thelegalchamberbydeepakangrish #studyIQjudiciary #judiciarytestbook #brijeshjauhari #legalshots #kanoonigyan #subscribe #subscribemychannel #subscribers #law #advocate #reels #treanding #motivation ##Disclaimer## The rules of the Bar Council of India prohibit advocates from advertising and soliciting work through communication in the public domain. The video is meant solely for the purpose of information and not for the purpose of advertising. The user acknowledges the following: - The information about me is provided to the user only on his/her request and any information obtained or downloaded from this YouTube channel is completely at the user's volition and any transmission, receipt or use of this site would not create any lawyer-client relationship! The material on our video has been prepared and uploaded for general information only. There is neither any effort not any intention to solicit new clients or new engagement from existing clients by way of this video. Our Channel has committed to comply with all the laws applicable and under no circumstances will undertake any engagement that violates any law or conflicts with any ethical, statutory or other requirements applicable for performance of professional legal services Even though We makes all efforts to ensure that this video is full of correct information and free of virus but We disclaims any liability or responsibility for it.