Hi Dhaval
Now about your query. Lets try and answer it step by step.
The first and foremost thing to look at to help you would be your agreement with the bank. As you say that there was an unauthorized transaction on your card, we will need to see whether your agreement with the bank covers such contingencies. Based on that, we can effectively proceed. You will have to understand that the ground for its action that the bank must have taken, must have been that you breached your contract with the bank by defaulting on your payment. Thus you must pay damages. You and me understand that it is not exactly true. If your contract covered a contingency that the bank must correct any defect in any charges or that you must not be liable to pay any "disputed" charges, then by not adhering to it, the bank breached first and you repudiated as the breach's result.
Coming to the arbitral award against you, we need to see whether the award has been enforced or is it still pending enforcement. As you said that you never received any notice of any such proceeding from either the bank or the tribunal, sure the award's enforcement can be challenged on the ground of procedural defect. If the HC has already enforced the awarded, then we can approach the HC to review its decision based on the grounds I just mentioned.
So this is a snapshot of your case. Rest, obviously we will be more clear once I get to see your documents.
Let me introduce myself. I am an international business lawyer having concentrated my practice in international business transactions. Business arbitration is obviously a major part of my practice. I represent law firm Aggarwal & Aggarwal Law Offices and you can view my profile here:
http://in.linkedin.com/in/raghavaggarwal