Legal Question in Banking Law in India

Personal Loan issue

I took a personal loan for Rs 1,60,000/- from a bank in Nov 2005. I could pay only 4 months of 48 month tenure as I had to forcebly resign from my working company. The banker asked me to settle full and finally by paying 50% of the amount. I asked them to give back my PDCs when I pay the settlement but they said they can return back the checks only after 1 month of payment. During this, I received a lawyer notice on check bounce issue. They gave me only 15 days to pay the amount. Please suggest me what to do as I have no way to pay atleast the 50% in 15 days.


Asked on 8/26/06, 6:31 am

3 Answers from Attorneys
Jitendra Kumar Kumar Pandey & Co.

Re: Personal Loan issue

You approach the bank and seek more time to settle the account.In the meantime consult a lawyer and send a reply to the notice.In any case option for settlement is always open.Remember that at the time of settlement,do not forget to take the letter of acknowledgement from the Bank.

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Answered on 8/28/06, 1:13 am
BANKIMCHANDRA SHAH ADVOCATE DIGVIJAYA CONSULTANCY SERVICES

Re: Personal Loan issue

Please approach a good lawyer to reply the notice with all the relevant facts.

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Answered on 8/27/06, 12:31 am
Navin Kumar Naashree Associates, Advocates

Re: Personal Loan issue

Your matter requires urgent consultation. The bank has issued the notice under section 138 of N.I. Act. I understand that they intend to file a criminal complaint case for dishonour of cheque against you. Please give more facts. Whether you have paid the amount as settled by bank or not? You should file a complaint in the consumer court, under the facts stated above.

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Answered on 8/26/06, 7:52 am


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