Legal Question in Banking Law in Pakistan

Asalam-o-Alikum, Sir I was avail a lease finance facility from a institute as a soleproperiter as a committed 47 instalment of Rs.58605 but due to the business crises i have sale my unit and pay only 25 instalment. now the position is that bank has file the recovery suit against me before banking court ,in which principal amount is 1321940 and late payment charges Rs.613000+ . I was apply a application to the bank manager for the out of court settalment. i have only position to pay back 1321940 , i can not pay late payment charges . what procedger may be adopt for to rid of this case.? can bank apply criminal defense also agst me for the sale of loom ?


Asked on 3/16/11, 6:54 am

2 Answers from Attorneys
Salman Khan International Lawyer

you can take stay order and bank will automatically try for out of court settlement.. Do not beg in front of bank managers.. For more do consult me at [email protected]

Regards,

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Answered on 3/16/11, 7:30 am

you did not mention, whether your loan was a secured or non secured one.any way since they have already filed a suit against you , you have to take some serious steps in this regard. contact me during 12 pm to 5 pm to discuss this in detail.do not give applications stating facts and figures.

0323 4638149 / 0347 4254306

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Answered on 3/16/11, 10:17 am


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