Legal Question in Banking Law in India

Sir I had taken personal loan Rs.2,00,000 and I was regularly paying the EMI through ECS but due to global recession I lost my job on 20.1.2009 and due to age factor I am unable to get any job. I tried my level best to arrange the money but unable to get any money from anybody. The balance amount is around Rs.65000/- but I do not have any record in this regard. I am afraid of asking the bank also the latest statement. Many Executives told me they will settle the account with the minimum but till date they have not done anything. I even received threatening calls from the Bank /may be the Agency. The bank was frequently calling for the money but I could not make it. The Bank has sent a court notice which mentions I have to appear before the court under 138 PI Act. Now my age is 60. Kindly advise. Thanks


Asked on 4/22/10, 3:04 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

consult a local lawyer with the papers in your possession and proceed as per his advice. If your cheque has bounced, naturally the payee would prosecute you under Sec.138 of the N.I.Act. Take the advice of the local lawyer and request the Bank to agree for rephasement of the payment schedule. Your age does not matter

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Answered on 4/23/10, 7:54 am


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