Legal Question in Banking Law in India

Dear sir

I need to no that can bank add interest for shortfall of repossession of construction equipment and can they sell 22lacks asset to 8 lacks

And one more can we file a civil case to settlement of loan or we fight for low price selling and I want to know how settlement done

thanks ®ards;


Asked on 2/08/15, 9:17 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

10.02.2015

Dear Sir / Madam,

Yes, the Bank can add interest on the shortfall in the outstanding loan recovery amount remaining after sale of repossessed assets of the borrower(s). The Bank will auction the repossessed assets at the realistic realizable value. You may get an independent Government valuer's report certifying the realistic realizable value of the repossessed assets.

I strongly advise and recommend that you amicably settle the loan amount with the Bank requesting the Bank to take into consideration the certified realistic realizable value of the Government valuer and close the matter.

Regards,

Read more
Answered on 2/09/15, 5:14 pm


Related Questions & Answers

More Banking Law questions and answers in India