I was using American Express Credit Card for almost 5 to 6 years, everything was going well, after demonetization, my money got struck, i cant able to pay the amount of Rs.525000/= + interest, Total Amount of Rs.860000/= approx,now they are asking to pay 50% of this, approx Rs.425000/=, I told them that i can able to pay upto 3,00,000/= in installment. they send me Lok Adalath notice, i cant able to attend that day, if i dont pay whatever they said, is there a chance, they will take legal action or arrest me.
18 May 2019
Of course, the bank shall avail legal opportunity to sue you and recover outstanding amount with penalty. Try and honour amicable settlement. It would be better and advisable to consult a local prudent lawyer practicing service matters for appreciation of facts/record, guidance and proceeding.