Bank money suit


I have taken a commercial vehicle loan from vijaya bank in 2008. but due to accident within 20 days beyond repairable i could not pay a single instalment. today ie 26.7.16 I got a legal notice from the banks advocate for remayment within 30days failing they wil file money suit against me. please comments ...what are my positive points and negative points...

what wil be the final outcome if they file moneysuit. 

 
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You say vehicle was involved in accident and became iireterable. Whether insurance was settled and it was credited to loan account. Strange that a loan of 2008 where not a single instalment was paid, suit was not paid si far. Bank can attach any if your assets for recovery if their dues.
 
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You say vehicle was involved in accident and became iireterable. Whether insurance was settled and it was credited to loan account. Strange that a loan of 2008 where not a single instalment was paid, suit was not paid si far. Bank can attach any if your assets for recovery if their dues.
 
Reply   
 

You say vehicle was involved in accident and became iireterable. Whether insurance was settled and it was credited to loan account. Strange that a loan of 2008 where not a single instalment was paid, suit was not paid si far. Bank can attach any if your assets for recovery if their dues.
 
Reply   
 

You say vehicle was involved in accident and became iireterable. Whether insurance was settled and it was credited to loan account. Strange that a loan of 2008 where not a single instalment was paid, suit was not paid si far. Bank can attach any if your assets for recovery if their dues.
 
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Advocate

Had you informed the Bank of the acident? What happened to the insurance amount you would have rceived?

 
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I had informed the bank about that ...insurance was settled substandard and amt received was not credited to loan account ..instead insurance co helped me to get it by other means without crediting to loan account...
 
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bank has right over insurance payment.

 
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