Legal Question in Banking Law in India

Sir/ Madam,

I have a loan from a Finance Company and giving them 36 Cheque for 36 EMI,

All Cheques issue from My Bank, In which i have Saving account,

After Some cheque clear, My one cheque bounce, which is not shown in my Saving Account Statement.

Finance company agent call me to pay due amount. But due to bouncing is not shown in My account statement, I refuse and want proof, They are showed me copy of Cheque and return memo(of their bank), On which clearly remark, " IMAGE IS NOT CLEAR, REAPPEAR AGAIN".

This memo is issued by their bank, not by my bank.

So i refuse to pay in cash.

After that continuosly my 4 more cheques are bounce as per finance company.

Now i am talking to my bank manager, he give me information that " CHEQUES ARE APPEARED BUT RETURN DUE TO SOME REASON". (give In written )

REASON IS NOT CLEAR, As per personal request, Bank Manager says that Your cheque Book is not updated in Our records, But he is not agree to give this reason in written.

I do not understant that from 50 leaf of cheque book, 30 cheques are clear succesfully

and 20 cheques are not updated.

As per Discussion with manager, he is doing all his best but not updated cheque book.

At this situation, Finance company filed me as defauter list in CIBIL.

Now what can i do?

I want to Clear My CIBIL.

I am agree to Forclose my Loan Account, but the Foreclose amount is more than TOTAL EMI DUE AMOUNT.

Please suggest me What can i Do.

(Bank manager says that they are trying to get me out of defaulter list in CIBIL, is it possible)

1 Answer from Attorneys

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