Suit decreed case- Money decree


I taken loan from one of the private sector bank against my shares in the year 2005. i have taken loan of 20 lakhs against which i have given share value of 40 lakhs. every thing gone well till 2007, during market crash, share value gone down, bank sold most of my shares and leave one or two. However after some time it was also sold, i have also deposited a some of Rs.2 lakhs into my account. Eventhough it was not sufficient for the bank to close the due. I tried for settlement of the case.Bankl was not responsive. Bank is adding interest to my account everymonth and increased my due. It charges about 20% per month, In  2009, the due was 1.50 lakhs, by adding interest and penalty , it brought the balance to 6 lakhs. since i am pay the due, Bank filed case and got the decree for recovery of 6 lakhs from me. The  Exparti decree was issued on 8th July2014. Before the court proceedings started, i shifted my house. SInce bank is not responsive to me, i have not left my current address to bank. I dont know that bank has taken legal case.Notice served to me are not reached. I have not received any notices from 2011 to 2017. The court summons are not served and i have not received any legal notices. Further the decree copy is also  not delivered to me.   i want to know, 1. how the bank can recover the difference amount of 6 lakhs, i am working in a private company, but i have not given employer details. 2.how the bank can recover the funds from me as they have sold my all shares pledged by me.  3. what is the time limit for recovery of money after the suit is decreed on 8th july 2014. Pls answer my query

 
Reply   
 

The very fact that the decree was granted ex-parte when you were simply unaware of the proceedings itself is a gross miscarriage of justice and you must appeal to the Appellate Court, challenging the decision of the lower court on the grounds that you weren't given a fair chance to represent yourself at all.

 
Reply   
 


LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

Search Forum:








×

  LAWyersclubindia Menu

web analytics