My loan Amount is about 2 lacs i have gone to bank twice and setteled the case on 85000
and then deposited 7000 and second time setttled the case on 78000 but didnt habe money to pay i have got a notice from lok adalat can this case be settled by court on 78000 thousand what bank has taken me in writing i will pay the interest of 3 months from the date i wrote the application to deposit money in 78000 thousand . This case can be settled or not please tell me i have taken this loan for business unfortunately everythings go to end and in sep 2016 i have been aserious accident in which i was in comma for 3 days so i was not able to get so much money now i can pay this amount in 4 months please tell me what to do. I should go to bank again and request them to settle this case or i have to go to national lok adalat
Lok adalat is also a mechanism wherein parties settle their disputes in an informal manner and the court records the same, hence the same is deemed to be a decree by a civil court. The bank must have approached civil court for recovery against you.
You must go there and settle by way of negotiation with the bank officials. Also don't forget to obtain No claim dues certificate from the bank once the settled amount is paid to the bank.
The Lok Adalat is an opportunity. Banker may be having sympathies but they can not take a decision themselves in some cases as every one may claim such concessions, though circumstances may differ. You will certainly get due consideration of your problems, and I am sure that you will get justice and get the account settled. Be humble and express genuine reasons for the default, definitely Lok Adalat is considerate.