Once you pay off your loan, a big responsibility is off your mind and you feel relaxed. Its a moment where you do not want any further run around and want to now move on to other things in life. And this is exactly why most of the loan customer do not collect a document called “NOC” or “No Objection Certificate” from their lender and it can get them into trouble later in life. At some places you will hear the word “No Dues Certificate” , but generally most of the executives in real life use the word “NOC” only..

If you any Receipt of Payment or NOC you can file in the court.

1) You have to answer their questions and in that mention how you had paid all amount.

2) Show them all receipts whatever payment you had made in the past from loan account opening till closing.

Dear Client,

Execution court will not entertain your reply as its jurisdiction lies up to execution of order.

File application u/s 34 of Arbitration act in district court to set aside order of arbitration or get stay on order.

you must have served with notice of appointment of arbitrator

2) you have to take legal proceedings to set aside arbitration award

3) it cannot be done after period of 3 years

4) necessary to peruse case papers to advice further

Firslty, Sir, there has been practice by banks in our country where they sell their privious client stocks to another firm.

Secondly, once they get the data then they start asking for the money without considering the fact that the limitation period of 3 years have been elapsed.

Thirdly, you please file a suit for stay on execution decree on two grounds:-

a). That limitation period has gone.

b). That I was not served with the copies of the suit which they filed.

Sir you have to file an application under section 34 Arbitration act to district court along with a (con donation of delay application for setting aside application as limitation is 3 months from date of award) to set aside the arbitration award as it was ex-parte and stay execution proceedings. The court shall restore the arbitration proceedings to give you opportunity of hearing wherein you can put forward your claim and receipts of the payment.

The execution court cannot go in merits it will just execute the order.

Application has to be filed in Mumbai in HC for setting aside arbitration award

2) chancesbof success are bleak as more than 3 years have passed since award was passed

3) movable property of debtor would be attached

1. You have to file application in mumbai for setting aside arbitration award, stay and condonation of delay in mumbai jurisdictional court.

2.EP case dragging won't help

3. Auction.

Limitation commence only from the date of the signed copy of the award delivered to the party - 3 months.

In court of Mumbai - district court.

This way you will buy some time but limitation to file set aside application will run concurrently.

Inventory will be made than auction, if property on rent, further order will be required from execution court in this regard.

You may have to file an appeal against the arbitration orders passed before the concerned court or before the high court along with an injunction application seeking to restrain them from taking any action based on the EP or to stall the proceedings of EP till disposal of this appeal.

1. Should I file a set aside petition to arbitrator in Mumbai ? or Should I apply for a stay in court ? if so I which court should I ask for stay and in which city ?

You may have to file an appeal before Bombay high court only.

2. I have planned to file the valkalat and counter in EP case and drag it for some time ? Is this appropriate way to do it ?

There is no use of doing it because that will be deemed that you have accepted the liability as passed by the arbitration order, hence it may not solve the problem.

3. What is the process of execution on movable property like chairs , tables, TV and sofa, if the judgement debtor has let out the property.

They may acquire them and bring them to auction sale for recovering the amount due to them.