Legal Question in Banking Law in India

sir i have submitted my cheques for loan . but its getting bounce for the past 5 months . will they file cheque case against me . collection agent telling in meaning of that. sir if they proceed cheque case against me what can i do. and will this affect anyway on my parents properties. i am verymuch disappointed . if they proceed case then , can i reveal my situation infront of the court. can i expect mercy from court. i have alredy paid my loan about two years. and wan to pay coming two yrs can i request for 5-6 year to pay with out interest.


Asked on 10/01/09, 7:18 am

3 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

There is element of 'mercy' involved in commercial transactions. you may file for bankruptcy if you cannot afford payment of your liabilities.

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Answered on 10/01/09, 10:08 pm
J. Radhakrishnan independent Practice

approach the bank with an appeal in writing explaining your position and seek for reschedulment of repayment. If your parents have not guaranteed the loan, their properties cannot be touched. Unless the Bank relents, you are liable to be prosecuted for the bouncing of cheques.

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Answered on 10/02/09, 1:05 am
Seshadri Srinivasan www.lawconcern.com

You can ask the Bank to reschedule the repayment term explaining your financial difficulties through a lawyer notice.

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Answered on 10/04/09, 6:18 am


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