Can NBFC freeze bank accounts?

We've taken a loan from an NBFC and they have proceeded to file an arbitration case against us. We have refused the appointment of the said arbitrator. Despite that the arbitrator has issued an order directing the bank to freeze our company account and the personal accounts of the borrower and co-borrower. Points of contention: 1. We have been regularly paying the EMIs of the said NBFC and only 1 EMI is overdue. From the date of the appointment of the arbitrator till today, the borrowed amount has reduced to about half, indicating our compliance towards the repayment of the loan. The NBFC hasn't marked our account NPA and has still proceeded to go for arbitration. Is this legal? 2. We haven't shared the details of personal accounts of the borrower and co-borrower with the NBFC and yet they have details of the same. Is this legal? 3. If we have not accepted the appointment of the arbitrator, can they still pass an interim order against us? 4. Without issuing a notice and doing their due diligence, is the bank authorized to freeze our accounts? Note that the bank has received a notice from the NBFC with a copy of the order. The date of receipt of notice and the date of freezing the accounts is 4 months apart. Please guide what legal action we can take against these big corporate companies who think it is justifiable to harass people on baseless accusations. Thanks!