Legal Question in Banking Law in India

actually my father buy a car through hdfc bank(emi) few years back in 2008 but some personal problem we cant afford to pay any kind of EMI and due to this reason he was frustrated and without any legal formalities he gave car to his colleague because he promise my father that he ill pay all the EMI. but now there is really big issue occur in our home,that person didnt give any kind of EMI.after 4years,now these days recovery persons comes and said that if we r not pay 3lacs then bank sold our household things like fridge or tv etc..anything he wants.so i request u to give me advise to root out this problem....is that true that bank hv any rights to do that kind of things plz advise....


Asked on 3/15/13, 10:48 am

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

THE recovery persons cannot do so as the law do not permit without valid court orders. if they come again, and call the police, file a complaint to the RBI . for recovery of loan, the bank has to adopt only legal methods

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Answered on 3/15/13, 5:38 pm
Fca Prashant Chavan Expert Edge LLP

16.03.2013

Dear Sir / Madam,

(Prashant Vihar, North West Delhi)

It is better to return back the car to the bank and pay off the difference of the loan amount minus the sales proceeds of the car to the bank to avoid any further complications.

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 3/16/13, 5:53 am


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