Legal Question in Banking Law in India

Please be informed that a relative of my friend lost his job in the year 2009 at the age of 59 due to global recession. He was regularly paying amount towards Barclay Bank Credit Card as long as he was having savings regularly paying amount to them but after that he could not pay because his savings got exhausted due to that the Phoenix has sent Arbitrary Notice to him now i.e. march 2014. He could not get any job because of his age (63) and he is unable to pay the amount because he has no financial income. The amount involved is Rs.2 Lac including day to day interest and other factors which the bank only knows. He is not having any property in his name or savings at present moment. I would request you to please let me know how to save him as he is 63 and not able to get job. Your help in this regard will be appreciated. Thanks


Asked on 3/24/14, 10:26 am

2 Answers from Attorneys
veerabahu kannan

Let the bank take action. You may ressisit the same under law taking the stand "NO Means". certainly their execution petition will be dismissed. If necessary, ask your friend to initiate proceedings to declare him as insolvent.

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Answered on 3/25/14, 7:13 am
Fca Prashant Chavan Expert Edge LLP

25.03.2014

Repeat query. Already answered.

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Answered on 3/25/14, 8:34 am


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