Legal Question in Banking Law in India

If I am a default of paying personal loan and default under

section 138 of NI Act what would be the consequences


Asked on 3/07/13, 10:43 am

4 Answers from Attorneys
RAMAN KUMAR BHARDWAJ R.K. BHARDWAJ & ASSOCIATES

Bank can sue you both under section 138 NI act or can also file a suit for recovery against you. besides if the loan has been obatined by you by pledging your property, they can also initate proceedings under SARFESI ACT

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Answered on 3/07/13, 10:46 am
Fca Prashant Chavan Expert Edge LLP

08.03.2013

Dear Sir / Madam,

The Court hearing the matter decides on the sentence to be awarded against you for the default in repayment of the loan.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 3/08/13, 5:43 am
Jayesh Desai Jayesh Desai

Consequences - if you do not pay your property could be taken over by court and sold and you can also go to jail.

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Answered on 3/13/13, 5:08 am


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