Legal Question in Banking Law in India

hi

i have taken one personal loan from a bank and continuing paying emi and after 8th emi i was lost my job and since then due to financial problem i was unable to pay some emis,in the mean while recovery agents of this bank called me manytimes and come to my rented house and ask me to pay money otherwise they will force me to do so,after that i had to come back from bangalore and now i am in my native place

my financial condition is bit ok now and i have sarted to pay emis since last 5 month along with some amount for my pending emis continiously and my loan was for the period of 36 months and out of which only 18 months completed,and i am guite confident that i can pay back the whole loan amount within that period.

My question is that under this circumtances is it possible for the bank to file a case against me?


Asked on 1/06/10, 10:42 pm

2 Answers from Attorneys
Tapan Kumar Jha

If you have given a blank Cheque or other Negotiable Instrument to the Bank for the purpose of securing your Debt, Bank can produce the cheque with all outstanding amount at once and get it bounced and thereafter resort to Sec138 N I Act case. However, in actual practice, the Banks are alsways interested to receive their amount with interest back and if U are continuously paying now, Bank will not file a case against you under their policy of Debt.

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Answered on 1/06/10, 11:26 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Yes, the bank may be entitled to initiate legal proceedings against you as per contract; you are advised to make efforts for a compromise with the bank and make whatever payment you can immediately.

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Answered on 1/11/10, 12:37 pm


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