This discussion clarifies that a mediator already providing services to a client cannot then mediate for them, as it constitutes a conflict of interest. While there isn't a specific legal section for this, it's a general principle. The advice given is to use a neutral mediator and declare the outstanding loan amount. The distinction between mediation, which facilitates agreement, and arbitration, which makes a binding decision, is also highlighted.
19 March 2021
one more dought. in one company there are unsecured loans taken from its members and paid off some amount, in the declaration form which amount we should write
19 March 2021
Yes, no specific section. In an arbitration, the arbitrator looks into the legal rights and wrongs of a dispute and makes a decision. ... In a mediation, the mediator, essentially, helps parties to settle their disputes by a process of discussion and narrowing differences. The mediator helps the parties to arrive at an agreed solution.
Arbitration laws are there but mediation no laws are there.