Legal Question in Banking Law in India

We had taken loan from an Nationalized Bank to purchase machinery for service unit under D.I.C. registration. The bank had taken Rs 10000/- mentioned in our bank account in the heads of CGFSI .

We had closed the business on year 2008. The bank had filled a case in DRT and got the order to recove

r the loan from attaching the personal property.

I had only one joint property of my actual resident.

Now I want to settle the case by paying 15% of our principal loan amount to the bank by court order or I want to declare insolvent myself,

Please Let me know what and how shall I do.

Asked on 11/09/17, 9:57 am

1 Answer from Attorneys

It would be better to settle the loan under OTS scheme. As per law if the person has one house only for residence then the same cannot be attached.

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Answered on 11/09/17, 8:43 pm

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