Legal Question in Credit and Debt Law in India

Loan default

I have a credit card in one of the leading banks in India. I am in NPA. Though I am making the payments everymonth, still the bank people are thrreatening me of going legal. I had utilized my entire credit limit and had not paid any amount for the past 1.5 years.

Now i am employed abroad and the bank has my passport number. Can they do anything to extradite me from this country using my passport number. They dont know where i am now as I didnot want anyone to harass me here or report this to my employer. I had a balance of Rs. 1 lac to be paid and i have paid off Rs. 40K in the past 8 months


Asked on 11/26/08, 8:19 am

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

Re: Loan default

Yes, the Bank may be entitled to initiate appropriate action against you.

Your statement is contradictory - on the one hand you wrote that "not paid any amount for the past 1.5 years"; on the other hand you are saying that "I have paid off Rs.40K in the past 8 months"?

You may try to settle the matter out of court.

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Answered on 11/26/08, 8:48 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Loan default

Settle the matter with the bank rather going into litigation.

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Answered on 12/22/08, 7:52 am
Nasir Butt Nasir Law Associates

Re: Loan default

You are required to settle matter with bank.

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Answered on 11/26/08, 9:48 pm


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