Legal Question in Banking Law in India

respected sir,

i am also in the same situation as mr.d.dora..

the bank delayed the disbursement of loan for about 5 months after sanctioning the loan. in this period,i went on borrowing from friends and relatives and landed up in huge interest burden. now i am in a fix. the project is not completed and the bank has started the aucting process as i couldn'tpay their emi's.they are planning to auction my house and the factory. I have a feeling that the bank is in hands with some local builders etc...

they are not even saying what they want...

they have already put up a new paper adv..

i don't have money to take a legal advice or go to the court. i found out hat the DRA court fee is about 50 -60K.

please advice.

thanks


Asked on 4/07/14, 4:04 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

08.04.2014

Dear Sir / Madam,

First and foremost, I have not read any query posted by Mr. D Dora on Lawguru. Your name may have figured in the CIBIL list of defaulters with a very poor rating. It would be wrong to assume that the bank is in collusion with a local builder, simply because the bank is enforcing action for the default committed in repayment. If the builder has delayed and overrun the project completion date mentioned in your Agreement, you are entitled to recover compensation and damages from the builder with costs. You should put a counter case on the builder if he has faulted.

Regards,

Read more
Answered on 4/08/14, 1:27 am


Related Questions & Answers

More Banking Law questions and answers in India