Filing of suit

Ramakrishna Kurup (Querist) 04 October 2015 This query is : Resolved
Bank gave loan Rs.18 lakhs to purchase diesel generator under Hypothecation agreement .Party has removed the generator set .Now it is not traceable.Can the bank initiate proceedings under RDDBFI Act or is it sufficient to file original suit i civil court for recovery of money Pls advise

Follow Query

Report Abuse

Guest (Expert) 04 October 2015
The Banks would Certainly have their Own Legal Dept.Might be the Generator Set would have been Stolen From the Innocent Farmer ,Please check whether any Insurance Claims could be made Or the Client being a Farmer Please Write it Off in Bad Debt.In Our Country So Many Innocent Farmers are Committing Suicide Every day and So many VIPs who has to Pay Several Hundred Crores to Banks and Other Lead a Happy Life Protected by Politicians.Only the Innocent Farmers are Forced to Commit Suicide for Peanuts.Only for All Such Reasons Soon there Would be No Real Indian Farmer/Agriculturalist in India.