Legal Question in Civil Litigation in India
I am residing in India. I have a loan with a bank and so far I have paid promptly without fail for the past few years. But as i was jobless for the past seven months and I found difficult to pay back the amount. Now they have sent a Lok Adalat Notice under section 20(2) to appear before the court. Now my financial position is so crucial and tough I am not able to pay even they come for negotiation. Even I dont have any small amount to go for negotiation. But honestly I want to settle the amount, but my present position is not favouring me. I dont know what to do? What will they do?
2 Answers from Attorneys
Better is appear before court and get the negotiation amount and request the court to made installments.Else it will continue and interest wil be increased day by day.
Regards
You can appear before the Adalat and state your position honestly and ask for extended repayment time in tune with your possible new job/ career.
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