Legal Question in Banking Law in India
I took personal loan from ICICI bank but I have heavy loss in my business since 1& 1/2 year so I couldn't pay the EMI amt.. so what will be the Banker's reaction ? plz let me know...
Asked on 3/08/10, 1:48 am
2 Answers from Attorneys
G. M. Gupta
gmguptaandassociates
bank may file claim under arbitration act and may file coplaint u/s 138 NIA but both can be sorted out if you will make efforts.
Answered on 3/08/10, 7:58 pm
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
The banker may file a recovery suit, seek a money decree against you, and seek your imprisonment (civil detention) on failure to pay.
Therefore, try for an amicable out of court settlement at the earliest.
Answered on 3/08/10, 9:04 pm
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