Home loan settlement - bank start legal proceedings
1 year ago
Can the bank start legal proceedings if they have sold the asset through Sarfaesi act for 2-3 Lacs lesser amount due to Covid period. The bank on call has said that they want to recover amount around 10 Lacs with interest and penalties when actual pending principal amount is 2-3 Lacs only. I am unemployed.
A.Dear Client,
According to the law Breach of contract when it comes to loan repayment itself is not a crime but lenders can approach a civil court in order to recover the same. If a loan has not been repaid for more than 180 days, the lender is allowed to file a case against the borrower under Section 138 of the Negotiable Instruments Act of 1881.
According to the law Breach of contract when it comes to loan repayment itself is not a crime but lenders can approach a civil court in order to recover the same. If a loan has not been repaid for more than 180 days, the lender is allowed to file a case against the borrower under Section 138 of the Negotiable Instruments Act of 1881.
Helpful
Helpful
Share
Read Related Answers
Joint account Chaque with minor signature only
Dear Sir,
Please check whether cheque is acceptable with the signature of minor normally it is not acceptable. Please get an endorsement from the Bank and then get issue a legal notice as provided und...
Cheque and pronote
Dear Sir,
You have done a blunder mistake. However, you may approach the Police and lodge a complaint of cheating for not returning your cheque leafs and pronotes. Even if no action is taken by the Po...
Cheque and pronote
Dear Client,
In the given scenario, lodge a missing complaint of cheque leaves and pro-notes at the Police Station and also lodge an FIR against the person for cheating under Sec.415 of IPC. which may...
Overdue Loan
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing wheth...
Money lender charging 10% interest per month
Dear Client,
If any person is involved in trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, then he m...
Read Blogs on Debt and Lending Agreement
Debt and Lending Agreement Lawyers
Find Lawyers by Location