Legal Question in Banking Law in India
I have taken a Mahila loan, where group of ladies come together and take a loan with each others responsibility. We were use to collect installment amounts and therefore one of our team member use to merge all and pay the bank. But after a while we got to know that she has not paid installments since last 3 months. Due to that Bank has warned us to pay the amount within 24 hours. Otherwise notice will be generated against us. My question to you was, what will be in this Notice? What is the actual meaning of Court Notice?
Thank you in advance.
1 Answer from Attorneys
30.09.2015
Dear Madam / Sir,
The notice (final reminder) forthcoming from the bank will be to and in your Association of Persons (AOP's) name. No further grace will be provided, You remain liable to pay up and settle your portion of the Association's liability. Court Notice means notice issued by the Court - City Civil Court in a district / town ; Metropolitan Magistrate Court in a city / metropolis and High Court pertaining to the State.
Regards,
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