About Us
The argument in favor of using filler text goes something like this: If you use real content in the Consulting Process, anytime you reach a review point you’ll end up reviewing and negotiating the content itself and not the design.
Gallery
Social Account
Process Note of Arbitration through SETLEN
The arbitration proceeding, being a speedy and cost-effective remedy, is being adopted by various industries including banking and non-banking financial institutions. The primary purpose of resorting to arbitration is to resolve the disputes and differences between the financial institutions and their borrowers with reference to the loan or credit facilities.
Each and every court or forum has its own way of conducting its proceedings, including the Arbitral Tribunal. Therefore, for ease of understanding, we are hereby explaining to you the procedure adopted in the arbitration proceedings by referring to the flow chart for better understanding and clarity.
The initiation of arbitration proceedings through SETLEN – Arbitration Institution is crucial and very important to reduce the biasness in the appointment procedure of the Arbitrator. The role of SETLEN and steps carried out by can be explained with the help of flow chart.It is thus important to understand each and every stage of arbitration proceeding for developing the software. We are creating this brief note of each stage which will help you understand the purpose and assist you to resolve the queries regarding various drafts/templates.
PROCESS FLOW
-
STEP – 1 – LRN / Arbitration Invocation NoticeAs soon as the data of allocation is received from the client, the first and foremost stage is to issue Loan Recall Notice. Through this notice, we recall the outstanding / default amount from the borrowers. Simultaneously, arbitration clause is invoked.
-
STEP – 2 – Request Letter to SETLEN for appointment of arbitratorIn case the borrowers fail to repay the outstanding amount as mentioned in the LRN / Arbitration Notice, Claimant will send a request letter to SETLEN seeking its assistance in appointing the arbitrator to resolve the disputes that have arisen.
-
STEP – 3 – SETLEN to issue letter to both parties for nominating arbitratorAfter accepting the request made by the Claimant, SETLEN will issue a letter to both parties for nominating or selecting the sole arbitrator from the list or panel of arbitrators suggested in the letter. In such case both parties will have to select the arbitrator and provide confirmation on the name of the arbitrator to SETLEN.
-
STEP – 4 – SETLEN to nominate sole arbitrator by issuing Reference LetterIn pursuance of the same, SETLEN will then proceed to appoint the sole arbitrator by issuing a Reference Letter to the sole arbitrator who has been nominated as per the rules of SETLEN.
-
STEP – 5 – Consent and Direction Letter / First Hearing noticeThe arbitrator, after accepting its nomination, will issue a consent and direction letter along with its disclosure as per the provisions of the Arbitration and Conciliation Act, 1996. The arbitrator will fix the time, venue (proceedings shall be conducted online / virtually unless otherwise resolved or directed by the Tribunal in consultation with SETLEN), language, etc. of the arbitration proceedings and convey it to both parties through this consent letter.
-
STEP – 6 – Statement of Claim and Sec. 17 Application / Second Hearing NoticeThe Claimant will then file their Statement of Claim and Sec. 17 Application before the Arbitrator as per the timeline. The Statement of Claim (SOC) contains the pleading and contentions of the Claimant which brings out the facts of the case and the outstanding amount to be claimed and reliefs sought. Opportunity to be provided to the Respondents for appropriate representation / defense / replies.
-
STEP – 7 – Interim Order under Sec. 17 & Third Hearing NoticeThe Arbitrator decides the Sec. 17 Application and accordingly passes an interim order till the passing of arbitral award.
-
STEP – 8 – Final Hearing NoticeThese notices are issued for ensuring the appearance of the Parties and to provide them adequate opportunities of filing their reply or being heard before passing the award.
-
Step 9 – Arbitral AwardAfter providing sufficient opportunities and hearing the contentions made by the Claimant/our client, the Arbitrator proceeds for passing of award which is equivalent to the court’s decree.