Legal Question in Banking Law in India

Bank threatning to file section 138

Sir,

I have not paid my bank EMI for the last 5 months as I am unemployed. Recently my bank has send me mails stating they would file a compliant under section 138. I have asked for more time as I am willing to pay of the amount as I am arranging for funds. This loan was issues against my Credit Card & the rate of interest is very high & I have been paying the amount quiet regularly. What are my options here considering I am not working. hope to get diffetent views on the same. Is there any way out ... I have asked them for a final settlement ...

Need your experienced & precious views on this matter.


Asked on 10/27/07, 2:56 pm

5 Answers from Attorneys
Amit Shukla AS and Associates Legal Services

Re: Bank threatning to file section 138

Contact personally.

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Answered on 10/28/07, 12:48 am
G. M. Gupta gmguptaandassociates

Re: Bank threatning to file section 138

if you have given cheques then the problem is there

if you have not given the cheques then u have upper hand

in any case you can ask them to settle the matter without interest

there are many more options and i feel that its easy to settle the matters with private banks but u need to be very much careful as they try to cheat.

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Answered on 11/05/07, 2:50 am

Re: Bank threatning to file section 138

try to resolve the dispute by arriving to an amicable solution with bank.

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Answered on 10/28/07, 2:49 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Bank threatning to file section 138

Please approach to the bank personally and talk to the department they might help you in resolving the dispute OR Please contact personally alongwith the details.

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Answered on 10/28/07, 6:23 am
Vijay Chandavale Advocate Vijay Chandavale & Associates

Re: Bank threatning to file section 138

It is the matter of reality that bankers while giving loan the blank cheques are taken by the borrowers . Still such practise is not banned . However the reminder as to cheque, notice etc. are not provided under any law . You can certainly take objections . However when you receive a notice u/s. 138 you are required to settle the matter of cheque within 15 days from receipt of scuh notice

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Answered on 10/29/07, 12:30 pm


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