Legal Question in Credit and Debt Law in India

I had a Credit Card from Standard Chartered and due to my job change I did not made them payments for a couple of months and therefore they approached me to reach for a settlement for some amount (less then the totakl outstanding) in 2006. I accepted the amount they proposed and made them a payment of Rs. 3000 through Cash and rest of the payment through cheques. All cheques got cleared. After a year or so all my loans starting getting rejected and I found out that they have put my name in CIBIL.

I contacted Standard Chartered Bank and they said that I made a payment which was Rs. 3000 less then the requested amount. This was not possible as I made the complete payment as requested by them against the settlement. My Loans kept on getting rejected and I had some potentail Business opportunities which I lost as I was not given loans.

After a lot of follow up with Standard Chartered bank, they recently confirmed that there was some mistake at their end and said that they will correct the same in their records and initiate the process of removing my name from CIBIL

So for 3 years my name was unnecessary in CIBIL and due to which I lost of business opportunities as I may have started my own business with the loan. Not to mention the mental harassment I have to go through.

Can I file a lawsuit against the Bank and claim for the compensation

Regards


Asked on 12/22/09, 6:27 am

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Since initially you were at fault in having failed to clear your dues, your case may fall under the category of CONTRIBUTORY NEGLIGENCE even though the bank is squarely guilty. The court may not grant you damages because law of tort in India is not well developed. You may better buy peace and avoid litigation even though the bank is guilty and you should be adequately compensated in law.

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Answered on 12/24/09, 10:17 am


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