personal loan

rupesh (Querist) 17 May 2010 This query is : Resolved
I had a personal loan from icici bank and i repayed it for 25 months and the loan tenure was for 36 months and i had big problems in the month of 2009 where i lost my job and dint had job for almost 1 year and where i could not repay and there arwe ph calls coming stated that there is warrant been issued and i am worried now but i want to repay it back but i need atleast 3 months time. so please advise on default of personal loan will they arrest me fo the same and what can i do about this?

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Virender Pankaj (Expert) 17 May 2010
Have u received any summon or notice from the Court?
Have u received any notice from the Lawyer of the Bank?

rupesh (Querist) 17 May 2010
i have received it but it was not given to me at the time of arrival but there were notice from lawyer and but from court i am not sure. so please advise on the issue of warrant to arrest me, will they?

adv. rajeev ( rajoo ) (Expert) 17 May 2010
Bank could have filed a suit for recovery of money. It amounts to civil nature case. If there is any decree against you and execution petition is filed against you to recover the decreetal amount then in execution petition warrant can be issued. I think just to threaten you they have called you and said warrant is issued. If they called you again then ask the details.

rupesh (Querist) 17 May 2010
thank you mr.rajeev & pankaj,
they are not giving me any information about it, instead confirming my address and ph no's. also wanted to understand what is petition warrant

rupesh (Querist) 17 May 2010
also want to understand on non-payment of personal loan will bank have rights to file complaint and get the person arrested by police and take actions such that. Please advise me on the same and i also making arrangements to pay back as i dint had job for 1 year and now working from past 1 1/2 months and will arrange money and settle the amount in 3 months. So how can i go about this?

Virender Pankaj (Expert) 17 May 2010
If a suit has been filed and decreed in favour of Bank !

You have been failed to pay decreetal amount to the Bank, Warrants of attachment of your property can be issued by the Court.

If a criminal complaint u/s 138 of N.I. Act has been filed by the Bank on account of dishonour of cheque (if any) and you did not appear in the Court despite service of notice, the Court may issue Bailable or Non-Bailable Warrant against you.

rupesh (Querist) 17 May 2010
pankaj sir what would be the outcome after that, i have only notice from lawyer to attend court which i got it after the date was over (it was misplaced by my family member in my room, which i got it after the date mentioned)

Virender Pankaj (Expert) 17 May 2010
Pl get the details of the same from the Lawyer even otherwise the Lawyer cannot issue the notice for appearance in the Court.

rupesh (Querist) 17 May 2010
shall i talk to the lawyer and xplain him the same and ask time or how do u advise. also will they make me arrest by police in this case

Virender Pankaj (Expert) 17 May 2010
I think u need to engage a Lawyer.

rupesh (Querist) 17 May 2010
ok thank you sir

Guest (Expert) 18 May 2010
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.9271971251
e.mail.adv.nbsawant@yahoo.co.in

REGARDING PERSONAL LOAN KINDLY NOTE THAT

1.BANK HAS TO ISSUE YOU NOTICE FOR FILING CIVIL SUIT OR CRIMINAL CASE UNDER SECTION 138 OF NEGOTIABLE INSTRUMENTS ACT.
2.YOU MAY CHECK WHETHER YOU HAD RECEIVED ANY SUCH NOTICE.
3.AFTER NOTICE PERIOD IS OVER BANK HAS TO FILE A CIVIL SUIT FOR RECOVERY OF AMOUNT OR FILE A CRIMINAL COMPLAINT IN COURT UNDER SECTION 138 OF NEGOTIABLE INSTRUMENTS ACT IN CASE BANK HAS DEPOSITED YOUR SIGNED CHEQUES WHICH GOT DISHONOURED.
4.COURT WILL ISSUE NOTICE THROUGH BALIFF IN CASE OF CIVIL SUIT AND IN CASE OF CRIMINAL COMPLAINT UNDER SEC.138 OF N.I.ACT COURT WILL SEND SUMMONS THROUGH POLICE AND ORDER YOU TO APPEAR IN COURT WITH SURETY ON DATE MENTIONED IN SUMMONS.
5KINDLY NOTE THAT TILL THIS STAGE YOU NEED NOT WORRY ABOUT YOUR ARREST BY POLICE.
6BUT ONCE YOU GET NOTICE / SUMMONS AS MENTIONED ABOVE THEN IN CASE YOU REMAIN ABSENT IN COURT THEN COURT MAY ISSUE WARRANT IN CASE OF CRIMINAL COMPLAINT UNDER SECTION 138 OF N.I.ACT.
YOU MAY APPROACH THE COURT IN CASE YOU HAVE ALREADY RECEIVED THE SUMMONS OR YOU MAY FIND OUT DETAILS OF THE CASE FROM THE COURT WITH THE HELP OF LEGAL EXPERTS.
BE CONFIDENT AND DO NOT GET AFRAID OF ANY THING.YOU HAVE TO DEFEND YOUR COURT MATTER SMARTLY.
GOOD LUCK.
THANKS.

rupesh (Querist) 19 May 2010
thank you very much sir

personal loan

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