I had taken an unsecured personal loan of around Rs 5 lacs from HDFC. Out of this I had paid close to 2 lacs and around Rs 3 lacs is pending. Principal amount would be around 1.5 lacs or so.
I had invested in a business which is still in loss.
I recieved a Summon for section 138 NI act. However the summon doesnot seem to be genuine. My name and address were written on the summon after applying white ink on top of old names and addresses.
Even the date was old and white paint applied.
There is no Court Case number mentioned in the notice as well.
I have not paid the EMIs since last 10 months now. I donot reside in the address provided in the loan documents.
The summon asked me to visit court last month itself.
HDFC might have used one of my security checks which got bounced due to insufficient funds.
Can I plead before the court that I will pay after a year ?
That I will pay the principal outstanding then ?
Can I go for insolvency petition (paupar chit ); and will it help me ?
Since its Rs 2 lacs to 3 lacs outstanding , do you think the court will send me to 2 years in jail ?
I know I am responsible for returning money taken and would be willing to go to jail as well. However 2 years for 2-3 lacs is very harsh.
Can you help me with trends , timelines , next course of action etc.