Legal Question in Banking Law in India

I have a personal loan of rs 1,55,000 in 48 EMI�s I already paid 12 EMI out of 48 but suddenly from this month I am job less I need 3 to 4 months time to start repaying my EMI. But bank told me they are not ready to give me any time either they file a caes against me in 406, 420 and 138 or I need to declare insolvent can I play some time to court ? please suggest.


Asked on 8/02/13, 11:51 pm

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

03.08.2013

Dear Sir / Madam,

You can do some menial jobs like drive an autorickshaw or sell vegetables in the market, and earn good money, till you get a full-fledged job ... and by which time you may not even need a job. An autorickshaw driver in Mumbai earns Rs. 700-Rs. 800 per day and the same is the case with a vegetable vendor in Mumbai. You can easily pay the pending and present EMI's to the bank without any hassles.

Regards,

Regards,

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Answered on 8/03/13, 2:12 am
J. Radhakrishnan independent Practice

Request the bank to give you more time to repay. The bank cannot file a case under Sec.406 or 420 I.P.C.but file a case under Sec.138 of the Negotable Instruments Act if your cheque bounces.

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Answered on 8/03/13, 4:49 am


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