Legal Question in Banking Law in India
Respected All
Please respond me I am in great trouble,
I have availed a Term loan of Rs 4 Lac and cash credit limit for Rs 05 Lac from a bank to set up a micro industry.I returned approx 6.5 lac back to bank but suddenly I got failed in business and and cant able to pay to the bank.so bank filed suite for recovery and Ex part decree declared in favor of bank in the year of 2004. I didn't submitted appeal. now bank got arrest warrant against me and my guarantors.
please help me
1 Answer from Attorneys
at this stage, your only choice is to first get the arrest warrants cancelled by moving the court. Secondly, apply for setting aside the ex parte decree under order 9 rule 13 cpc. check if the bank gave you credit for payment you made. your options are very limited but without going to court nothing can be done.
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