Legal Question in Banking Law in India
Maine mukhy mantri yo jan ke antargat Khadi board se rs 4,00000.00 ka ek ek loan liya tha ,bank ne 1,00000.00 ki ek fixed deposit kar diya Jo ki meri working capital me se kam ho Gaya aur mera project band ho Gaya. Guarantee me kuch land bhi mortgage hai...jabki is scheme me sirf project hi mortgage karne ka niyam hai . Loan 7 sal pahle ka hai aur abhi tak hame 2 notice mili hai .ab bank wale RC katne ke liye Bol rahe hain jabki plant unhi ki galti working capital se FD karwane par band hua hai...please help me
1 Answer from Attorneys
If you have taken a loan you have to repay it. Any irregularity should have been brought to the notice of the concerned authorities whereas for 7 years you have neither repayed the loan nor taken any legal action. Meet the bank officials and try to settle the matter. The banking laws are very clear.
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