Legal Question in Banking Law in India

I have an outstanding personal loan in Dubai since 2009, as I was made redundant. I had approached the bank with partial cash and requested in person that I be allowed to settle a chunk and balance in instalments. I was told to either settle in full as foreclosure of loan or go to Jail. I had to leave the country without settling it.

Now some recovery agent is now following up locally with me in India to settle the same on behalf of the bank. I am not in a position to repay as a lumpsum. They are threatening me criminal & civil action. What are my options?

This is to be viewed as I had approached the bank to settle partial amount and rest in installments the same was refused.

It was a personal loan, the same is 4 year under default.

I am unable to settle the same in lumpsum.

Rather than bank a private company is chasing me up for repayment.

Please advise


Asked on 4/08/13, 2:37 am

3 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

08.04.2013

Dear Sir / Madam,

You will have to first verify the authenticity of the Company and whether the bank in Dubai has really authorized them to follow up for the settlement of the loan.

If they are genuine, you should negotiate the repayment and settlement of the loan in installments from your income in India.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 4/08/13, 2:54 am
uttam Tibrewal

dear client...

Contact me at [email protected] with details

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Answered on 4/08/13, 3:26 am
J. Radhakrishnan independent Practice

If you are in India, and harassed by any recovery agent, seek the help of Police and also report to Reserve Bank of India. It is another matter is you can persuade the lending bank to accept partial settlement.

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Answered on 4/08/13, 7:06 am


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