Nature of grievance

ARBITRATION FOR MONEY PAYABLE TO THE CLAIMANT FOR MONEY FOUND TO BE DUE FROM THE RESPONDENT ON ACCOUNTS STATED BETWEEN THEM: For the recovery of money due on the basis of accounts stated between the parties 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 accounts are stated, in writing, which is signed by the opposite party or his agent duly Authorized in this behalf; or where the debt is agreed to be paid at a future time, by a simultaneous agreement in writing signed by the opposite party or his agent duly Authorized in that behalf, and when that time arrives, having regard to Article 26 of the Indian Limitation Act, 1963. “Accounts stated” may take the form of mere acknowledgment in a letter by the opposite party