Loans

siddhartharao (Querist) 08 April 2015 This query is : Resolved
HI,

originally i had taken a loan from barclays. Later it was taken over by Kotak mahindra. I defaulted on the loan as i was jobless. I got a job and what i need to know is can Kotak put a freeze on my salary account from citibank?

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Sudhir Kumar, Advocate (Expert) 08 April 2015
do they have court orders to attach your assetts

SAINATH DEVALLA (Expert) 08 April 2015
They can do so after they file a suit against U.They cannot directly freeze UR salary account in another bank.

Rajendra K Goyal (Expert) 08 April 2015
Since the Bank is Kotak Mahindra after taking over.You are liable towards this Bank now.

Bankers have general lien / right to set off on the assets of the borrowers with the Bank, so they can held lien on your account in the same Bank.

SAINATH DEVALLA (Expert) 08 April 2015
Barclays have been taken by Kotak Mahindra and UR salary A/C is in Citi Bank

ajay sethi (Expert) 08 April 2015
since you have got a job start repaying your loan

SAINATH DEVALLA (Expert) 08 April 2015
That's the best way to avoid further complications.

Sudhir Kumar, Advocate (Expert) 08 April 2015
there are some facts yet to be disclosed.

if a person owes some money to the bank and not paying then bank cannot just ask any other bank to withhold debit in his account.

other bank is not bound not authorized to accept such requisition from other bank. Had it been so then all DRT judges and staff would be jobless.

Dr J C Vashista (Expert) 09 April 2015
Well advise by experts, I agree.

SAINATH DEVALLA (Expert) 09 April 2015
he has posted the same query in a new thread today"Regarding loans"He is playing with the time of the experts. His actual intention as per my observation is either to evade repayment or acadamic query to gain knowledge how to dupe banks in future.

T. Kalaiselvan, Advocate (Expert) 11 April 2015
The Kotak Bank cannot do so on their own, they have to obtain an order from court for attaching the salary in an order in EP which will be a resultant of a decree and judgment in their favor in a money recovery suit filed by them.

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