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what happend in personal loan

(Querist) 09 March 2011 This query is : Resolved 
i was availed the personal loan of Rs. 15,00,000.00 from axis bank on the basis of my previous track record.& this loan was a top up loan for third time. first was Rs. 1,50,000.00 & second was Rs. 4,50,000.00. because of the global crisis in 2008 i lost my business & unable to pay the dues. Now the bank has initiated a case in DRT Mumbai
that was a unsecured loan now what will happened in court in this matter
Guest (Expert) 10 March 2011
Depends upon which sections of which Act have been sought to be invoked in the case by the bank or police (if police is involved).
RAJU O.F., (Expert) 10 March 2011
The DRT court will pass a Final Order/Decree against you, which can be enforced from your secured assests or any movable or immovable personal properties, within the next 12 year period, by the bank.


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