What remedies are available for loan termination and arbitration notice?
The bank has issued a loan termination and arbitration notice, referring to machinery and housing property. Please advise if there are any remedies available to get a moratorium or any further actions to tackle this situation.
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Advocate By LEAD INDIA
Answered: 27 Feb 2025
You can approach the bank for a moratorium or negotiate for an extension, explaining your financial difficulties. If the bank issues an arbitration notice, you may need to participate in arbitration proceedings, where both parties will try to resolve the dispute. It’s advisable to consult with a legal expert to review options. For further legal assistance contact us on our helpline number.
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