Legal Question in Banking Law in India

sir i have a loan from a bank . whict i get in the base of my salary certificate of a firm . now i lost my job . i have no job for the past 5 months . iam struggling to pay my loans .the collection agency is behaving rude to me . what can i do in this situation . i am ready to pay my loan but i need time to pay it.

i gave them my 48 signed cheques . that is the only document .

sir if any pronlem occurs then what happen to me and my family . iam totally confused . can i approach court directly. or any chance to reduce my EMI . now iam paying 6500 can i get this to a small amount. like 1000-2000 monthly . can i request for it . or can i request for bankruptsy?/


Asked on 9/30/09, 6:50 am

5 Answers from Attorneys
J. Radhakrishnan independent Practice

If collection agents threaten u, you can complain to Police as well as RBI. Approach the bank for giving you time to repay the loan in instalments and for scaling down the interest. It should be in writing. As you are likely to be harassed by proceedings under Sec.138 of the Negotiable Instruments Act, there seems to be no escape. You may apply to the court for declaring you as insolvent.

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Answered on 9/30/09, 10:24 am
Pawan Jangid

Agree to Mr.Radhakrishnan

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Answered on 9/30/09, 2:13 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

I also agree.

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Answered on 10/01/09, 10:49 pm
Seshadri Srinivasan www.lawconcern.com

You can file for bankruptcy as that is the better option.

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Answered on 10/04/09, 6:20 am
Pravin Vaidya Independent

I totally agree to the opinion given by Mr. Radhakrishan. However if exorbitent interest, penal interest & others charges are debited in your a/c by the Bank, you may approach Banking Ombusman of your state and seek redressal of your grievances. If you are in Gujarat state pl. contact me on 9426334688 for further guiadance

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Answered on 10/10/09, 5:25 am


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