Legal Question in Banking Law in India

No EMI House Loan1

Hi RadhaKrishna Sir,

Thanks for your replay. If i can attached and send bythe post showing all the proofs, Then i can leave house? again bank file any civil and crimnal cases???

If i don't give any contact no the bank,before leaving the house(sending all the doucments by post ) they will start the public action process yes?

Please give me suggestion in the best way.am not feeling well to go ask the manager to my position at the same time i don't want show the my face to all my neighbors.

Please give me suggestion in the best way. if the bank will get profit to by the action. i don't want need that profit also.


Asked on 2/08/09, 10:26 pm

2 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: No EMI House Loan1

As informed earlier, prosecution for bounced cheques (assuming you have given them cheques for EMIs.) if embarked upon in time by bank cannot be avoided. So far as the mortgaged house is concerned, you can surrender possession to the Bank to have it sold by public auction to realize whatever best that can be realised. If the bank loan is not realized by the sale of the house, the bank may file an application for recovery in a civil court or DRT for the shortfall depending upon its being below Rs.10 lakhs or above. Better approach the Bank higher officials putting forth the problem and seeking a just solution. Regarding your shyness of facing neighbours, we cannot help

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Answered on 2/09/09, 5:05 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: No EMI House Loan1

You may consider filing an "insolvency petition" for a (a) declaration of bankruptcy; and for (f) restraining the Bank/creditors to initiate any recovery against you.

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Answered on 2/09/09, 6:46 am


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