Legal Question in Banking Law in India
i want to know when a account become NPA.i was enjoying working capital limit with bank and paying interest within stipulated norm.Bank ask us to reduce the limit and we also agree and made and agreement to reduce Rs.80000per month.All of sudden recesion start on 2008 september,i requested bank to defer my reduction in limit for 6month as i could not pay.But did not agree to my request.After 4 month they classified my account as NPA.Can bank do it for reducing limit,where as exisitng loan interest was giving within normal period.
further after classyfying our account NPA on 29th December they took interest also from us,they took instalment also in december,february,march also.under above circumstances can we challenge in court that our account is not NPA
2 Answers from Attorneys
you may approach the consumer forum against the highhandedness of the bank.
You may send your objections to the Bank. In case they take proceedings under the SARFAESI Act , defend/take further action on the basis of your pleas with the assistance of a good competent lawyer.
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