Legal Question in Banking Law in India
I hv taken loan from sbi bank in 2009, not paid any installment, will they mortgage garranter land for recovery.given me notice for lok adalat ? I am ready to pay back partial amount of loan ,after selling my land ,it will take some time, will they give me time till selling of land?
Asked on 12/09/15, 9:43 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
10.12.2015
Dear Sir / Madam,
You have not repaid any bank installment from 2009 till date. The loan availed has become an NPA (non-performing-asset). Hence the Bank has the option to either recover a sum of Rs. 1,50,000/- from you on or prior to 25.12.2015 or any one of your guarantors to pay the amount on your behalf; failing which issue you an auction notice for disposal of your land.
Regards,
Answered on 12/09/15, 6:13 pm
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