Legal Question in Banking Law in India
I have taken a loan and paid EMI for 1.5 years. ow I have issues due to which I would be able to pay them only after 2 years. Hence I would be stopping the EMI's.. Will there any IPC 420 case charged against me ??
Asked on 9/02/10, 2:59 am
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
how can they charge you u/s 420 when u did no cheating. non payment is no offence. did you file any forged papers at the time of taking loan that you afraid of criminal prosecution? for simple loan recovery, they may file a suit for recovery.
Answered on 9/03/10, 2:21 am
Vishwa Arya
Arya & Co.
no, but, why not claim moratorium from the bank itself and get the emi re organised
Answered on 9/03/10, 8:51 am
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