Loan default

anupamm gupta (Querist) 29 August 2011 This query is : Resolved
sir,can a bank can file a fir in case of default of loan amount less than 1.5lakhs and bouncing of ecs from the account as due to financial problems i can't pay right now. though i paid more than 75% installments on time.

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Advocate Bhartesh goyal (Expert) 29 August 2011
No bank can not lodge F.I.R,bank can initiate the proceedings to recover loan amount/outstanding amount against you.

Advocate. Arunagiri (Expert) 29 August 2011
It is only a civil case. They can not lodge police complaint.

malipeddi jaggarao (Expert) 29 August 2011
Bank will not file FIR. Since you have repaid 75% of the instalments in time, you go to the Bank and meet the concerned officials, explain your financial problems and seek reschedulement of your loan instalments.

Guest (Expert) 29 August 2011
You may approach bank, the bank people would be readily willing to accept any further installment or by revising the installment amount and period for the balance and interest due.

prabhakar singh (Expert) 29 August 2011
A creditor has only right of realization enforceable by a civil suit subject to law of limitation with one special exemption provided in 138 of negotiable instrument Act
where bounce of a cheque given in lie of past present,or future consideration gives right to to lodge a criminal complaint post 15 days demand by service of notice remaining unfulfilled.
SO A BANK IS NOT A SPECIAL CREDITOR CAPPED WITH ANY RIGHT TO LODGE FIR AGAINST ITS DEBTOR JUST FOR THE REASON OF DEFAULT IN PAYMENT OF DEBT ADVANCED BY THE BANK OR ANY INSTALLMENT THEREOF let the loan be of any amount.

Arun Kumar Bhagat (Expert) 31 August 2011
But the Bank can file a case under The Payment & Settlements Act for dishonour of ECS which is akin to N.I.Act.

girish shringi (Expert) 06 September 2011
I am agree with Arun Bhagat.

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