Legal Question in Banking Law in India
sir, I went to Lok Adalat for settlement and accept the amount Rs.1.5 lakhs . repay it next 6 months. bank agree for this, after 10 days i got the Order f Lok Adalat from bank. Where written as " if default to pay this amount within stipulated time, bank is free to recover the awarded amount by law".
my que : if i default, can bank recover this amount or full outstanding ?
Asked on 1/31/14, 2:18 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Yes, if default takes place, the bank can recover full amount.
Answered on 1/31/14, 3:31 am
Related Questions & Answers
-
What is succession certificate ,which is asked to give by banks for knowing details... Asked 1/30/14, 6:48 am in India Banking Law
-
My father was in govt. service and now he is not alive. My mother is getting pension... Asked 1/30/14, 6:38 am in India Banking Law
-
I had a personal loan in 2007. my last installment i made in 2008. maturity date is... Asked 1/30/14, 5:55 am in India Banking Law
-
Sir, Bank organise Lok Adalat to settle the amount is 1.5 lakhs, if default to pay... Asked 1/29/14, 12:17 am in India Banking Law
-
I had deposited a cheque of Rs 50000, 2.5 month ago in my bank but I received the... Asked 1/28/14, 6:40 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
