Legal Question in Credit and Debt Law in India

Threating to file IPC 420 against personal loan due

Dear Sir,

I have couble of personal loans with one of leading bank in india. Since last 2 and half years I am paying the EMI regurlary. Due to financial crisis I am not able to pay the current month's EMI. So, The bank has me an email threating the file IPC 420 by loading criminal complain if I dont pay amount within 24 hrs. So I would like to know that can bank actually file a IPC 420 criminal compain? What should I do if they file a compain.


Asked on 5/27/09, 8:29 am

2 Answers from Attorneys
KAMAL GROVER

Re: Threating to file IPC 420 against personal loan due

They cannnot file until prove your intention or wrong statment.But they can only attach or sale your propety.

For further assistance plz contact at

adv.kamal.grover.gmail.com

We deal cases in the courts all over India.

M: 09814110005

Chandigarh Office

We strive for your rights.

Good Luck

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Answered on 5/27/09, 9:00 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Threating to file IPC 420 against personal loan due

You may consider an amicable out of court settlement; the bank lodge a case against you if they have sufficient facts;

you may consider filing for insolvency if you are unable to meet your liability.

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Answered on 5/27/09, 1:34 pm


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