I took a loan to buy a used truck, but couldn’t keep up with the payments. The company repossessed the truck without telling us and sold it for a ridiculously low price, just 25,000 rupees, when it was worth around 1.4 lakhs. Now, they’ve sent an arbitration notice through their appointed arbitrator. Do I have to go through with this arbitration?

Apni Law
Apni Law
Law Forum › Category: Arbitration › I took a loan to buy a used truck, but couldn’t keep up with the payments. The company repossessed the truck without telling us and sold it for a ridiculously low price, just 25,000 rupees, when it was worth around 1.4 lakhs. Now, they’ve sent an arbitration notice through their appointed arbitrator. Do I have to go through with this arbitration?
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Apni Law Staff asked 10 months ago

I took a loan to buy a used truck, but couldn’t keep up with the payments. The company repossessed the truck without telling us and sold it for a ridiculously low price, just 25,000 rupees, when it was worth around 1.4 lakhs. Now, they’ve sent an arbitration notice through their appointed arbitrator. Do I have to go through with this arbitration?

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Best Answer

Apni Law Staff answered 10 months ago

You are not obligated to participate in the arbitration if the repossession and sale of the truck were conducted unfairly, particularly if the price was significantly below market value. You can challenge the arbitration process and seek legal recourse to address the alleged unfair practices.

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