Dear Sir
I have received a letter from Lok Adalat saying that they have received a petition from bank on non repayment of education loan and asking for out of court settlement. The date mentioned in the document for appearing on lok adalat is 3rd December. and i received the letter on 3rd December so i was not able to attend.
I took the loan on 2006. loan sanctioned was 3 laks and i took 2.5 laks. My course was not completed and i didnt got any jobs. I have not paid any money as repayment. due to My family and financial problems. But any how i want to repay the amount as i don,t want to live as a debtor. No security is provided for the loan. In the petition only my name is there as respondent. I have not received any court notice prior or after that.
What should i do now, i need time to pay but i will pay. am slowly making everything in order. i am recovering from a big crisis happened to my family. If i not attended the lok adalat, what are the consequences,. Will they post pond the sitting to any other date, how can i know that. whether bank have the right to recover from my family properties.
Kindly help me on this.
