Bank harresment

Guest (Querist) 15 April 2015 This query is : Resolved
thank u for all of ur valuable sujjestions

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SAINATH DEVALLA (Expert) 15 April 2015
Gentleman,

When U have taken loan from any financial institution, it is UR bonded duty to repay as per the loan agreement documents.It is imaterial whether UR business is flourishing or at a loss or winded up. Ur are saying that whatever U earn for the day U are supporting UR family.How are U going to pay the loan amount? The only way out for U is to file an Insolvency Petition u/s 10 of The Provincial Insolvency Act 1920. Engage a good lawyer for it. Nothing more to offer legally.

Rajendra K Goyal (Expert) 16 April 2015
Paying the loan to Bank is moral and legal obligation as the Bank has helped in hard days.

In your case, if you have not acknowledged the liability or deposited any money in last 3 years, Bank had not proceeded legally within limitation, the loan would be treated time barred and legally Bank can not claim.

Bank people can not misbehave and if they do so specifically with the ladies of the house, lodge police complaint.

If police does not take any action, lodge complaint to the magistrate. Also report the matter to RBI.

SAINATH DEVALLA (Expert) 16 April 2015
Every 6 months the banks pick out time barred loans at random and entrust them to the recovery wings. These people are engaging private agents who are trained to be rash with the customers and hence they indulge in such activities.But once the bank has proceeded legally the role of the recovery agencies cease to exist.If they are approaching they are doing so individually only. If it is a secured loan the banks file a case in DRT for recovery. Police complaints are of no use. What U have to do is to issue a legal notice to the recovery agency (not to the bank), regarding harrasment.

Guest (Querist) 16 April 2015
thank u for ur valuable sujjestions

SAINATH DEVALLA (Expert) 17 April 2015
First issue a legal notice to the recovery agency, the harassment will stop for the time being. U can proceed further after discussing with UR lawyer.

Guest (Querist) 17 April 2015
thank u for ur valuable sujjestions

R.K Nanda (Expert) 28 April 2015
search LCI list of lawyers for bangalore.

Guest (Querist) 29 April 2015
thank u for ur valuable sujjestions

SAINATH DEVALLA (Expert) 06 May 2015
Finally let me suggest U that U have been assisted adequately by the forum, Now it for U to face the tune whether u repay or face the wrath of the recovery people.U are not prepared to act as advised by the experts.Still U are trying to explore various routes to evade repayment.