Lok adalat

sunny (Querist) 30 March 2016 This query is : Resolved
Dear Sir,

I had taken the personal loan from Axis Bank & I am unable to pay the o/s amount as I am jobless.I received the notice from Lok Adalat & I have attended the same & agreed for the settlement.The bank asked me to pay Rs.60000/- within a weeks time & I had agreed thereupon.However when the last day of payment approached I could not arrange for the huge funds & I could not pay the sum of Rs.60000/- as I am jobless.

Can I once again approach the Lok Adalat & request for some more time.

Also what will be the consequence of not paying the amount which I had agreed during the Lok Adalat.

Pl advice.

Regards,

Vrajsl

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r.sathyanarayanan (Expert) 30 March 2016
pl tell them your position and ask permission to pay in small instalments with no interest.
arriving a settlement before lok adalat is good ,but it is binding on the parties and no appeal can be filed even before apex court.