Legal Question in Banking Law in India

Card companies can take police as well as legal action to recover their money. They can even sold your property and send you behind the bars.

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Mr. Kamal Grover, Advocate (Chandigarh, India)

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at the most the bank would file a suit for recovery and non payment of loan cannot be considered a criminal offence. you may appear before the court and express your wish to pay back the loan and the suit would be compromised.

apply for being adjudged as insolvent. Some companies may discontinue an employee if he is adjudged as an insolvent. you will have to surrender all your assets other to the official Receiver and will not be eligible to contest as a candidate in any election to public office.

I agree with the above opinion.