One of my Known Old Aged person has taken Housing loan of around 60 Lakhs from a Nationalised Bank. He Paid EMI for around four years. Aftersome time due to Heavy loss in Business he was not able to pay EMI.
The Banks Exectutives approached him several time and each time he told them that he is not able to pay.
The Bank Gave him a Letter to vaccate the Hosue by the end of September 2018 else they will take the possession by themselves by Jan-2019. The person by the end of September vaccated the house and tried to handed over the keys to the Bank Authorities immediately.
The Bank Manager asked him to keep the keys with himself so that if any customer for the repurchase of the House will come it will be convnenient for him to show the house for resale and if the house is sold he will also be free from legal things. But the house was not sold till Date.
In December 2018 , The Bank Executive again gave a notice to the person at his shop (as He vacatted the hosue) that Since you have not given any possession Bank will take it in 2-Jan-2019 infront of the police. A copy of that letter was also addressed to The SP Police
The Person Again approached to Bank to Hand over the Keys and with a Letter this so that no scene of poilce and all is created there. But The Bank Managert told him that it is just a formality and we will Take the possession and there is no need to any letter and Keep the Keys with you as sugessted earlier. Manager also assured that Uncle you have our customer so long, You are old Aged we so best for you , whatever we can.
On the Date of Possession i.e January 2019 Bank Pasted its Posession Letter on the House but Didnt Took Keys and told him to keep with him Everyting was going in good faith.
BUT now on 25 January that person has received a Notice from the court U/s 138. The Bank Presented Cheques which were given as Security at the time of Taking the loan.
Now this person has no money and Living Temporarily somewhere in his close relatives house and have no money even to Bail Himself as it is heard that 20 % of the Cheque Bounced amount is to be deposited in court Now a Days.
Kindly Guide what is to be done under circumstatnces,