Legal Question in Banking Law in India

Sarfesi act

I have taken a loan of rs

20lack from india bulls bank

almost 2 year back i have

already given then 10lack.They

are increasing there interest

when its started my

installment was 26000 now

they r telling u monthly

installment is 33000 nd due to

market condition i m not able

to give them that much amount

i have already told them that i

m not able to give u that much

amount ....15000 is the amount

that i can give u easily plz

adjust with me for 5-6 months

after i will give u hole amount

.....From selling my 2nd property

value or18 lack ............Is there any

option which can help me


Asked on 2/19/09, 11:17 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: Sarfesi act

I don't think that India Bulls Bank is a bank in India. write to them about your position and try for a compromise. If they are not a bank, the only way they can recover the amount is filing suit. In that case, seek for reference to Lok Adalat or mediation.

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Answered on 2/19/09, 11:28 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Sarfesi act

You may approach the bank for a compromise. You may also consider filing a suit against the bank for a direction to settle your account in mutually acceptable manner.

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Answered on 2/19/09, 9:37 pm


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