Auction of property before the arbitration is completed
I have been given a notice under the section 13(2) & Section 13(4) of SARFAESI act 2002 and a notice has been put outside my property which states that the financial instituition has taken the possesion of my property. As I have failed to pay my dues and the first notice for the repayment of the wholesome amount was given to me in September. The notice regarding taking the possession of my property was posted outside my property on 19th December 2018. Now I have today only received a notice dated 31/12/18 that an arbitrator is being an appointed by the NBFC to resolve the disputes between me and the lending NBFC. When I talked to my legal counsel about the appointment of the arbitrator, they told me that it is useless and he has already had a talk with the legal department head of the NBFC who is an Acquaintance and according to them they are moving on with the auctioning procedures. I wanted to know that is it even possible to go ahead with the auction when an arbitrator is being appointed by their end. If so, then what am I suppose to do? I am willing to pay 4-5 EMI's that are pending towards me and in no condition want my property to be auctioned as they loan amount for which it was mortgaged is far below than the current value of the property. Please help as I am running out of time.
Asked 1 year ago in Business Law