Legal Question in Banking Law in India

Please be informed that I am a retired person, having no income and job. My age is 63. Due to unexpected recession I lost my job about 5 years back. Now I am living with many hardships in my life. Even after my unexpected loss of job I was regularly paying amount for Barclay Card as long as I was having some savings now as I do not have any money I am not able to pay anything towards Barclay Bank Credit Card account. Now, a Retd. Distt. & Sessions Judge has sent arbitrary letter with documents along with e-stamp copy to me on behalf of phoenix. Please let me know what will happen. I am mentally disturbed and unable to make any payment to bank towards credit card payment. Kindly help me and guide me through your valuable advice at the earliest. Also please let me know what will be the punishment for the same. Your kind cooperation and speedy advise in this regard will highly be appreciated. Thanks & Best Regards, - Ramakrishnan


Asked on 3/18/14, 8:30 pm

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

19.03.2014

Dear Ramakrishnan,

Although I do not repeat answers, today being Chatrapati Shivaji Maharaj Jayanti, I am taking your query further. After attaining the age of 40, you always say that you are 41 years young and not old. So you are 63 years young. The maximum punishment may be fine or imprisonment or both, depending on how the case is decided by the Court hearing the matter.

Regards,

Read more
Answered on 3/18/14, 10:06 pm
veerabahu kannan

The concerned creditor has not taken any criminal action against you. The retired Judge is only an arbitrator appointed by your creditor and he can not take any penal action against you. he can initiate arbitration proceedings and can pass an award for the amount payable by you. You can challenge the said award under the Arbitration Act before the competent District court. Further, you can resist the said award in the execution proceedings before civil court on the ground of "no means to you".If necessary you can move the civil court for declaring you as insolvent. Don't afraid with such mere threatening notices--------------- Nellai V Kannan Advocate [email protected]

Read more
Answered on 3/19/14, 8:28 pm


Related Questions & Answers

More Banking Law questions and answers in India