Personal loan defaultation

Hi Prashant,

Thanks a lot for the advice.

Your advice gives me a great relief.Now I am confident that the bank will agree for settlement.

Also my freind is not even having single penny on his name .So in that case HOW will the bank go for attachment ??

Hi Prashant,

Thanks for your advice.

My friend is still willing to pay the amount,as I said.

But Now he is nor receiving any calls from the agents neither agents visited his home.I hope the bank would have approached a court on this.

My friend is not having a singel penny on his name..he is living in rented house,he is not even having a two wheeler.

In this case what sort of property the bank can attach ??

Regards,

Rishi.

Hi Prashant,

Thanks for your advice.

My friend is still willing to pay the amount,as I said.

But Now he is nor receiving any calls from the agents neither agents visited his home.I hope the bank would have approached a court on this.

My friend is not having a singel penny on his name..he is living in rented house,he is not even having a two wheeler.

In this case what sort of property the bank can attach ??

Regards,

Rishi.

In this case, First of all bank will file a civil suit. if your friend not gives response to the courts notice,so,there is chances ,court can issue a warrant against of your friend.And after this they can file a criminal suit  against your friend.Sir, it is public money,there is no law which can protect your friend,you need to go in a settlement with the bank is an only positive option.

Hi Prashant,

Thanks a lot for your valuble inputs.

If  we receive a court notice as we are  waiting to the close  the case somehow,there is no point of not responding for it.

However ,my frnd is now not living in the address what he has given to the bank.Now he has chnaged his address to another town.

But bank knows the new address,bcoz the agents came to the new address already once.

If at all bank wants to send a notice to which address the court will send ,either to new address or OLD address ???

If we didnt receive the notice to the new address,is it our mistake ??? In this case how to defend our self ??

Please advice.

Regards,

Rishi

I will give you a proper advice.First of all,plz clear,what do you want to do in this case? & what is the current actual situation of your case?

Hi Prashant,

Please find the given clear situation below.

My freinds PL became NPA and when he negotiated for a OTS bank asked to pay 4.5 Laks .But my Frnd said at max he will pay Rs 2 Lak.

Bank agents didnt accepted and they said they will take legal action.

Now our questions are, if Bank intentionally sent notices to Old address even though they know the new address, what todo ??

Due to this ,if he fails to attend the court what kind of case its going to turn into ??

My frned is not having any property on his name , how the bank people will recover their money ??

My frnd cant resist even he was put in jail ,he was in such hopeless situation, if court Jailed him,Is it possible to apply for Bail ??

Please advice.

Regards,

Rishi.Y

have your friend ever communicated to the bank about his new address???? if not, then do the communication and inform them. even after this if they provide old address to the court and gets any order then your friend may file an appeal in the court against the wrong practice of the bank and get the order of the lower court set aside.

Further, you need to understand that in any manner your friend cannot do away with the liabilty to repay the loan amount. your friend may tell the court  about his financial position and his maximum limit to repay the amount. the court might ask the bank to do OTS in order to resolve the dispute.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

Hi Rohit,

If at all my friend is jailed in this loan issue.Is it possible to get a bail and come out ?? If so,how much surity we need to submitt in court ??

Please let us know the proceedings.

Regards,

Rishi.Y