lok Adalat

Dhiren (Querist) 11 September 2017 This query is : Resolved
Can housing loan settled in Lok adalat

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Adv. Yogen Kakade (Expert) 11 September 2017
Mention facts of the case..

P. Venu (Expert) 11 September 2017
Please post the complete facts.

Rajendra K Goyal (Expert) 11 September 2017
Academic query.

State material facts of the problem if any.

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Looks like examination question.

Dhiren (Querist) 11 September 2017
I have housing loan in Lok Adalat they have send me summon to settle the same in that day the inform that your loan is housing loan so they cant settle in Lok Adalat , I want to know is this true

Guest (Expert) 11 September 2017
Don't you want settlement of your loan case? If lok adalat has summoned you, must attend the proceedings to avoid any serious action.

Dhiren (Querist) 11 September 2017
Sir bank informed me that it was mistake on their part and informed me that housing loan can't settle in Lok Adalat , that's why I want to know can housing loan settled in Lok Adalat

Ms.Usha Kapoor (Expert) 12 September 2017
Under Legal Services Authorities Act Lok Adalat has power to issue summons if one of the parties say a bank or borrower approaches it for amicable settlement of Housing loan the lok Adalat issues summons to the other party and with his consent settle the loan permanently between both the parties and issues a decree which is equivalent to a civil court decree and is binding on both the parties. The Lok Adalat settles the loan between the consenting parties in a jiffy.For further information on this issue please click the following link.
http://www.thehindubusinessline.com/money-and-banking/lok-adalats-to-help-banks-nbfcs-recover-loans/article5372578.ece

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Rajendra K Goyal (Expert) 12 September 2017
It seems the case was referred to Lok Adalat, but later Bank felt that as in the housing loan adequate collateral security exist, no need of settlement and it would be able to recover full amount otherwise. If both party do not agree, case may not be settled at Lok Adalat.

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