138 ni act

mrv16071997 (Querist) 28 April 2013 This query is : Resolved
Sir,
-- A CRIMINAL CASE WAS FILED AGAINST ME BY MY BANK U/S 138 FOR Rs 30 LAKHS taken as home loan.and also an arbitration case which is pending for "AWARD"
-- Now in the criminal case the evidence in the case has been completed.
-- Now i was told that the bank has sold my case to another bank.
-- my opposite advocate told me that he will withdraw the case filed against me.
-- pl let me know what will be the future, in case they withdraw my case. and secondly, will i be benifitted if it is withdrawn.
-- Or will i benefit if the case is dismissed,which my advocate has hopes it will happen bcoz i've a good case.since he is solely depending on the 'SECURITY CHQ ISSUED BY ME CANNOT COME UNDER 138 NI ACT'

So pl advise me whether to ask my opposite advocate to withdraw, or shall i wait till the judgement?

Sir, what will be the next option for the other bank which has purchased my case?

i'm ready to settle only the principle loan
amount, if i'm permitted to sell my property.

pl advise.

Thanx
xxxxx

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Raj Kumar Makkad (Expert) 28 April 2013
If the complaint is withdrawn, it shall definitely reduce your tension. You cannot persuade the counsel for the opposite party to withdraw as per your whims and wishes rather this is the instruction of his client which shall prevail.

The other bank cannot file a criminal complaint against you but certainly a suit for recovery can be filed and a decree thereto can be got obtained against you and the property under mortgage can be got auctioned for the recovery of decreetal amount..

Arun Kumar Bhagat (Expert) 28 April 2013
Ques :pl let me know what will be the future, in case they withdraw my case. and secondly, will i be benifitted if it is withdrawn.

Ans: Yes.

Ques:Sir, what will be the next option for the other bank which has purchased my case?

Ans: It will make civil demand.

DEFENSE ADVOCATE.-firmaction@g (Expert) 28 April 2013
First of all it your misconception that your cheque was security cheque and so you will win the case. SC in recent citations has closed all such options.

Home loan is secure finance and so even if the other bank comes it is fully secured since there are many other options to recover money which is quick and fast.