Legal Question in Banking Law in India

I was taken a loan from State bank in the year 2004 Rs.30000/= (Thirty thousand only), then I paid only five installments. then after I was transferred to some other city, then my payment disconnected. Now I have received a legal notice from a lawyer for repaying the amount in one lumpsum to bank. I met the bank manager and he is also telling the same thing and he taken revival letter from me. but now I am unable to pay Rs.57000 (incluidng interest) in one lumpsum. I am ready to pay in monthly installments. weather bank authorities will take any legal action against me, I am worrying please advise me in this regard
deep

Asked on 7/05/10, 3:51 am

3 Answers from Attorneys

J. Radhakrishnan independent Practice

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Make a fervent appeal to the Bank authorities to give you some more time and request them to rephase the instalments and also waive penal interest. If they don't relent they will file a suit in the civil court. Engage a lawyer and contest the enhanced interest and also discrepancies your lawyer can detect in the bank's case. At the end, request for referring the matter to LOK ADALAT and get a settlement to the best of bargain.

Answered on 7/05/10, 6:32 am

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