Conciliation
Standard Operation Procedure we follow for Conciliation:
- Conciliation proceedings can be initiated by sending a written invitation to conciliate from one party to the other, and after receiving consent from such party, the Conciliator intimates the date and time for a virtual meeting.
- The Conciliation proceedings commence when the other party accepts the invitation to conciliate.
- The conciliator may request each party to submit to him a brief written statement. It may be supplemented by appropriate documents.
- The Conciliator acts as an impartial third party and works together with the parties to facilitate the amicable dispute resolution process.
- The Conciliator tries to understand the views of the Borrower on the dispute and then endeavours to amicably settle the dispute for loan repayment/ recovery within a time bracket (approx. 15-30 days).
- Keeping in view the facts and circumstances of the case, the Conciliator communicates the legal remedies (both Civil and Criminal) available to the parties and the consequences thereof, as per the applicable laws in force.
- The Conciliator tries to analyze the Borrower’s plan of repayment and proposes changes that are mutually beneficial to the parties.
- The Conciliator will summarize the results of the correspondence with each party and encourage options for the facilitation of negotiations.
- When it appears to the conciliator that there exist elements of a settlement likely to be accepted by the parties, he shall formulate the terms of a possible settlement and submit them to the parties for their observations. If the parties request, the conciliator draws up or assist the parties in drawing up the settlement agreements.
