Legal Question in Banking Law in India

Iam a housing loan customer of ICICI bank since July 2006 in chennai and after availing the housing loan on June 2006 after the disbursement my EMI started from July 2006 .The head of Regional manager in chennai had issued an instruction 12.4.2008 to the builder with a copy marked to me, not to give the possession of the flat which has been completed on the pretext of non availability of the sale deed. After your guidance i moved the state consumer forum on September 2008 and the fact is the case is still pending to dispose,meantime the builder had given the possession to the other co-owners during July 2008 and an association had been formed and the association had put a name board effecting the names of the owners beside the flat numbers in which my name also appears beside my flat number . On 23.2.09 the name was changed to be read as ''Ref.ICICI Bank' as this flat belongs to ICICI Bank �beside to my flat number and again after getting your guidance i started writing the complaints to the bank requesting them to remove the name board till August 2009. When nothing came through i informed the bank and suspended the EMI from August 2009. After this the bank came forward for discussion and everytime in the discussion they will insist me to withdraw the case first and till today nearly 28 sittings had taken place including the CONCILATION where i apprised everything along with the documentary evidence and till now the concilator had not given any verdict. As so yeaterday ie 13.7.2010 i received a notice under the SARFAESI ACT where as they had informed me that all my loan had been recalled and iam due and liable as follows:

AMOUNT SANCTIONED=7768368 plus EMI OUTSTANDING=1029666 plus OVERDUE CHARGES=126006 plus PRINCIPAL OURSTANDING=6467379 plus FORECLOSURE CHARGES=142929 plus INTEREST AS ON DATE=49583, TOTALLING TO Rs.7815563.

As per the consumer case,the bank had filed their vakalath in the consumer forum only this month and now it has been posted for the version of the bank and the builder had already filed his vakalath but had not filed the version hence he was set exparte.Please guide me what i have to do at this juncture?


Asked on 7/14/10, 6:15 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

It is better that you be guided by the counsel who handles your consumer case.

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Answered on 7/15/10, 7:14 pm


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