Mediation

Standard Operation Procedure we follow for Mediation:

Mediation proceedings can be initiated by sending a Mediation reference and after receiving consent from the borrower to go ahead with the Mediation, the Mediator intimates the date and time for a virtual meeting.

  • The Mediator acts as an impartial third party and works together with the parties to facilitate the dispute resolution mediation process.
  • The Mediator tries to understand the views of the Borrower on the dispute and then makes an attempt to amicably settle the dispute for loan repayment/ recovery within a time bracket (15-30 days).
  • Keeping in view the facts and circumstances of the case, the Mediator communicates the legal remedies (both Civil and Criminal) available to the parties and the consequences thereof, as per the applicable laws in force.
  • The Mediator tries to analyze the Borrower’s plan of repayment and proposes changes that are mutually beneficial to the parties.
  • The Mediator moves into the secondary correspondence of negotiations with the parties to identify, summarize and resolve the issues depending on the facts and circumstances of the case.
  • The Mediator will summarize the results of the correspondence with each party and encourage options for the facilitation of negotiations.
  • Once both parties have agreed to the terms of amicable resolution of the dispute, such terms can be documented as settlement.
mediation-stages

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