My father took a loan from a bank but during the year 2009 hit by the recession he could not continue to pay the loan. On the first month of his non payment of EMI itself he informed the bank stating his inability to make the payment through a letter. We were continuosly chased by the Bank Recovery Agents asking us to make the payment immediately. They harrased our family very badly even after explaining our inability to meet the liability.
During the year 2015 he received a notice to appear in EP court. The EP has been filed based on an Arbitration Proceedings that happened in 2009 of which we were never even informed. Even these gundas from the bank never uttered a word about Arbitration that took place.The bank has also asked for Arrest Warrant in the EP. On the date of the first hearing in the EP court, a person from the bank(guess that person is also a bank agent) contacted my father and asked us how much we could pay towards the loan. The EP court has now transferred the case to Lok Adalat.
My father has neared 60years of age and still not recovered from the huge business loss he faced earlier. He has not willfully avoided the EMI payment.
Is there any possibility to close this case in our favour? Please advice
Thanks in advance.
