Legal Question in Banking Law in India
Respected Sir's
I have availed a term loan for Rs 4 Lac and Cash credit limit for Rs 05 Lac from a bank to setup a micro industry in the year 2001 but due to heavy loss in business I got failed to repay the amount.Bank filed a civil suit and Ex Party decree declared in banks favor for Rs 19 Lac.Now Bank filed an Execution of the decree.Iam now help less I have no money to repay the loan I have only my residence which is mortgaged with bank. Please guide me properly can I save my skin or ??????
Asked on 10/27/10, 4:14 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
File an application for setting aside the exparte decree and also stay. Take the assistance of a local lawyer.
Answered on 10/27/10, 7:57 am
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