Legal Question in Banking Law in India

Sattlement in case of default

I have a loan before bank and i default in payment from 1993.The bankers filled suit against me from 1996for rs 185000/-.But at present i go to settlement with him then they demand 307000/- (with interest).Can i benfit of interest after suit filled,if yes then how ?


Asked on 1/08/09, 8:21 am

3 Answers from Attorneys
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Sattlement in case of default

As per settlement terms and conditions

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Answered on 1/09/09, 6:36 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Sattlement in case of default

It appears that the settlement proposal is very reasonable.

The post-suit period interest is in the discretion of the court. In your case, the court may even award a higher rate of interest than what is being demanded by the bank for settlement.

You should finalize your negotiation with the Bank at the earliest and avoid risking court decree.

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Answered on 1/08/09, 11:44 am
J. Radhakrishnan independent Practice

Re: Sattlement in case of default

Find out what rate of interest after suit the Bank is calculating. If it is reasonable settle with them or else request the court to refer the matter to lok adalath and try to bargain and arrive at settlement.

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Answered on 1/08/09, 11:09 pm


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