Legal Question in Banking Law in India

Hi,

I have taken loan in 2007 and paid more then 20 EMIs. Since last 8 to 9 months i was not able to pay the EMIs because i was out of job and could not find similar job to payout the pending loan EMIs. I have requested ICICI bank, bangalore so many times to get some time to find job and pay out the remaining loan amount. But they kept calling to my home, my neighbours and my family members since last 3 months. Everytime they use abusive language and threatening calls. Suddenly i got the notice to present in lock adalat at my home town address. But when i received the notice it was same day when i supposed to be present at lock adalat bangalore. I am trying my best to get my PF money which i feel i may get next month, because i have applied it since long time. Once i get my PF money i can try to add remaining and try to pre-close the loan.

I do not know, if i need to go for a lawyer in bangalore to find out the status on my lock adalat date.

Or i should directly check with ICICI bank to for status of case to see if they have filed a suit aginst me.

If ICICI bank files suit against me then how should i resolve this situation. I do not work in bangalore and i may not be able to attend each court date.

I have all intention to pre-close the loan.

Please suggest me for further proceedings to resolve this problem.

Thank you in advance.


Asked on 8/22/10, 1:09 pm

2 Answers from Attorneys
Vishwa Arya Arya & Co.

lok adalat notice may be was for prelitigation settlement. Read it carefully. If you have not gone you may check with the office of lok adalat itself. Nothing to worry. do not put your self in pressure. See the officer of the bank and write the bank to revise your schedule because of no job. Do not commit in writing about PF. Meanwhile if your PF is arranged as expected, then, go to bank and close the loan.

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Answered on 8/22/10, 8:13 pm
J. Radhakrishnan independent Practice

Better engage a lawyer at Bangalore. Find out what happened at the Lok Adalat hearing. Send proposal to bank in consultation with your lawyer about rescheduling and repayment.

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Answered on 8/23/10, 8:15 pm


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