I got this Arbitrator letter and not sure what to do

[User_4ef3d05d]

U

User_4ef3d05d
PARTICIPANT
January 31, 2025 at 7:32 am

I took out an education loan in 2021 from IIFL Finance for about 2.6 lacs. I paid half, but after losing my job, I am unable to make payments.

I am unable to attach the image, so I have extracted the text and pasted it here.

VIDYA KOTWAL
ARBITRATOR & SOLICITOR
Dispute Resolution Centre Mumbai, DBS Heritage House, Office No. 120, Ghanshyam Talwatkar Marg, Prescott Road, Fort Mumbai 400001.

Case Number: IIFL-VK-DRCM-JAN25-M203
Date: 25.01.2025

To,
M/s. IIFL Finance Limited,
IIFL House, Plot No. B-23, Sun Infotech Park, Road 16V, Thane Industrial Area, Wagle Estate, Thane – 400604.

Dear Sir,

Sub: Disclosure under Arbitration & Conciliation Act 1996.
In Re: Loan Agreement No: SL2792946

This is regarding your intent to appoint me as a Sole Arbitrator. Please find below the statutory Disclosure in the prescribed format, under Sixth Schedule as per Section 12 (1) of Arbitration & Conciliation Act 1996, and my consent in connection with my possible appointment as Sole Arbitrator.

Regards,
(Signature)
Vidya Kotwal
Sole Arbitrator

—

Disclosure under Sixth Schedule, Arbitration & Conciliation Act 1996

—

Listed Party:

1. My name was mentioned

2. –

3. –

4. –

—

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[Cleversagar5480]

C

Cleversagar5480
PARTICIPANT
January 31, 2025 at 7:35 am

Ignore, they cant do anything.

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[User_4ef3d05d]

U

User_4ef3d05d
OP
January 31, 2025 at 7:37 am

Will they file a case, or do I need to attend court?

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[Cleversagar5480]

C

Cleversagar5480
PARTICIPANT
January 31, 2025 at 7:38 am

Nothing of that sort, its just a scare tactic.

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[Vandanashark196]

V

Vandanashark196
PARTICIPANT
January 31, 2025 at 8:06 am

It seems the opposite party has decided to go down the arbitration route rather than filing a case in court.

Wouldn’t advise to ignore it.

Attend it and find a away to amicably settle the dispute.

They may waiver of interest and only expect principal to be repaid.

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[User_4ef3d05d]

U

User_4ef3d05d
OP
January 31, 2025 at 8:28 am

Thanks for the advice; I will try to get in touch with the arbitrator.

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[User_7c7c3e67]

U

User_7c7c3e67
PARTICIPANT
January 31, 2025 at 8:35 am

Lawyer here . Deal with arbitrations mostly. Hire someone and reply to the notice sent to you

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[Ashishmaster940]

A

Ashishmaster940
PARTICIPANT
January 31, 2025 at 9:01 am

Lawyer here.

Unilateral appointment of sole arbitration is illegal. Immediatly send a response against illegal proceedings.

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[User_4ef3d05d]

U

User_4ef3d05d
OP
January 31, 2025 at 9:34 am

Can we send a response online? If yes, where can we do it?

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[Ashishmaster940]

A

Ashishmaster940
PARTICIPANT
January 31, 2025 at 7:09 pm

Details to get in touch would be in the letter itself. 

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[Samirdude643]

S

Samirdude643
PARTICIPANT
January 31, 2025 at 10:10 am

Reject the intent to appoint arbitrator

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