Legal Question in Credit and Debt Law in India

ECS not PAid last 6 months

i have salory account in abnamro .i given ecs to citi bank due to layoff on the company am unable to pay loan amount now .what action willtake from the abn amro or citi bank they will block my saving account . then what type of leagal action will take in future .there is any alternate to exclude or not


Asked on 3/31/09, 2:52 am

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

Re: ECS not PAid last 6 months

(a) They may initiate recovery proceedings;

(b) If you have given cheques and these cheques are bounced, they may initiate criminal proceedings;

(c) If civil court passes a decree for recovery of money, your property can be attached; and the court may also order your "civil imprisonment" for forty days.

(d) You may consider filing a bankruptcy petition to avoid harrassment by Bank.

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Answered on 3/31/09, 11:09 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: ECS not PAid last 6 months

Hello.

Good Morning!

Please be safe by filing an bankruptcy petition to avoid any harrasment by the Bank Recovery Agents.

In case of need please contact personally alongwith the details.

OR

PLEASE MAIL IF IN CASE IF YOU HAVE FURTHER QUERY.

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Answered on 4/01/09, 12:51 am


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