Legal Question in Banking Law in India
Sir, Bank organise Lok Adalat to settle the amount is 1.5 lakhs, if default to pay this amount, Can bank recover from me the full amount ? as they showed 2.30 lakhs or only the settled amount, please advice me
3 Answers from Attorneys
1.5 lac is the settlement amount. If you failed to pay the settled amount in the time stipulated by the Lok Adalat, you will be liable to pay the claim amount, in your case it is 2.3 lac.
Dear Client,
You may get a copy of the settlement from the Lok Adalath and clarify. (Contact Legal Services Authority). I do n't think an order of this kind will be passed by Lok Adalath.If the dispute is settled there shall be usually one settlement amount for that amount the bank can file E.P against you and recover. Be care ful when you are signing any settlement before Lok Adalath,you can not even file an appeal. Even the Supreme court can not stay or alter or stay the settlement made in Lok Adalath.If you need any clarifications contact me on 09387714156.
If you do not pay the settled amount you may end up paying the full amount.
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