Nature of grievance

ARBITRATION FOR MONEY PAYABLE BY THE RESPONDENT TO THE CLAIMANT FOR MONEY RECEIVED BY THE RESPONDENT, FOR THE CLAIMANT'S USE: Where a person, under a contract or otherwise, receives any money, for and on behalf of another person, under an obligation to use the said money for that another person’s direction or to forward the said money to the said another person, but refuses or neglects to do so, and where there exist any Arbitration Agreement between the Parties therein, Arbitration proceedings may be initiated for the recovery of said money, within three years (unless otherwise agreed) from the date when the said money was received, having regard to Article 24 of the Indian Limitation Act, 1963