Legal Question in Banking Law in India

The Bank can file a suit for recovery of the loan amount but cannot get your passport cancelled......Try to sort out your financial problem with the Bank........Please check Sanjay Kalra and Associates on the internet to know more about our law firm and the legal services we are rendering for our clients from all over the World.

Bank cannot get your passports cancelled.

You have borrowed and you are liable to pay, settle the issue with bank and pay them - ask for rescheduling of the installments if you cannot pay in one go. Amount to be paid in settlement is to be mutually agreed between the parties, i.e. you and the bank.

The Bank loan you had availed being a Term loan, on your not paying the monthly installments, penal interests may have been added to the outstanding amount. If you had given any Security Cheque then the same may be used by the Bank for initiating Criminal Proceedings under the NI Act, otherwise the remedy for the Bank would be only to initiate recovery proceedings before a Civil Court. By no chance have they any authority or would they be able to get your Passport cancelled. If they initiate Civil case, you can always pray for payment in installments.

For further clarification if any, you may mail to [email protected] or call on 00971 50 2104389.

Kind Regards,

Shaji.K.N

11.02.2013

Dear Madam,

You have not specified the tenure period for settlement of the entire loan, the rate of interest agreed on the loan, and the number of EMI instalments that your husband has defaulted with the bank, and the bank's prevailing present rate of interest on loan.

Please mail the above information at [email protected] to know the exact one time settlement amount to be negotiated with the bank.

Regards,

FCA Prashant Chavan

Mumbai

the bank can file suit for recovery of the money and proceed with the exparty, now they have no right to cancell your passport.