Legal Question in Banking Law in India

Credit card and Personal loan default

I have a credit card in one of the leading banks in India. I am in NPA. Though I am making the payments everymonth, still the bank people are thrreatening me of going legal. I had utilized my entire credit limit and had not paid any amount for the past 1.5 years (uptill June 2008)

Now i am employed abroad and the bank has my passport number. Can they do anything to extradite me from this country using my passport number. They dont know where i am now as I didnot want anyone to harass me here or report this to my employer. I had a balance of Rs. 1 lac to be paid. But now from July 2008, i have paid off Rs. 40K in the past 8 months

Can they approach the passport office and extradite me from here ?


Asked on 11/26/08, 9:12 am

6 Answers from Attorneys
Pravin Vaidya Independent

Re: Credit card and Personal loan default

When you are already employed abroad, why not to make payment of balance dues or alternatively seek some short time limit from Bank to pay the balance amount due...

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Answered on 11/26/08, 12:56 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Credit card and Personal loan default

Already replied.

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Answered on 12/22/08, 7:53 am
Nasir Butt Nasir Law Associates

Re: Credit card and Personal loan default

Employment in abroad means now you sources to pay off debt. You may approach your creditor via e-mail or mail to arrive on settlement or for some time extension which may be considered positively, if they deem it fit, on the contents of your letter. Banker always accepts reasonable compromise.

Don't worry, one cannot be extradited upon default but liability remains there.

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Answered on 11/26/08, 9:42 pm
J. Radhakrishnan independent Practice

Re: Credit card and Personal loan default

question of approaching the passport office or seeking extradition do not arise in your case. At worst, the bank would sue you in India, get a decree and execute the same in the country where you may be, if that country has a treaty with India. They can also attach any assets you may have in India. Continue paying and wipe off the debt. Honesty is the best policy.

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Answered on 11/26/08, 9:51 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Credit card and Personal loan default

If you can pay the debt better pay it.

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Answered on 11/29/08, 8:44 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Credit card and Personal loan default

Yes, the Bank may approach the authorities for appropriate action for recovery.

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Answered on 11/27/08, 8:27 am


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