Legal Question in Banking Law in India
Sir can civil court order a bank for ambicale settlement for repossesion of vehicle for recovery of balance when customer in huge loses and doesent have any property can bank accept for 50% of balance amount
Thanks regards
Asked on 2/11/15, 1:37 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
11.02.2015
Dear Sir / Madam,
Yes, the Court can order the Bank to accept a one time full and final payment of 50% of balance outstanding loan and release the vehicle to the borrower on settlement of the Court order.
Regards,
Answered on 2/11/15, 4:29 am
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