Lalit 20 February 2019

loan recovery

I have taken a loan of Rs 400000 under working capital loan from IIFL for 1 Years. But due to loss in Bussiness I am not able to pay the payment to IIFL. Recently IIFL deposited my cheque in bank and bounce and now he is saying we have arrest warrant against you in cheque bounce case if you don't pay. But same time I have received letter from IIFL Arbitrator and I meet today him and he is saying to give me WS( written statement) . I have not given him till now. but his loan collection executive is not ready to listen any thing that I am in financial problem. he is coming early in the morning and insult me in the front of people. he is shouting loudly . please suggest me my cheque is bounce and I want atleast 3 months time for full payment. he is saying that he will call police for my arrest tomorrow.

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4 Replies

Shashi Dhara 21 February 2019

Change Ur residence to unknown place that no one could identify or recognise u.

Sudhir Kumar, Advocate (Advocate) 22 February 2019

Arrest warrant can be isssued only if:- 1. They issue you notice of cheque voice within stipilated period, 2. You don't pay within stipulated period. 3. They give application in criminal court within stipulated period. 4. Courts issues summons to you. 5. You do not attend court.

Sudhir Kumar, Advocate (Advocate) 22 February 2019

Still the warrant will not be given to them. It will be sent to police.

Sudhir Kumar, Advocate (Advocate) 22 February 2019

Notwithstanding above you have to refund loan, unless bank has lost limitations period. Since cheque is bounced your chances of going to jail (not immediately) are not far, unless bank has not acted timely after cheque bounce.