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i have a sbi credit card in kolkata and citi bank credit card past 15 years. i have taken loan on citi bank card which they offered to me. i was maintaing and making payments . But last october 2018 onwards my life has changed and i lost my job, because my father was serious and in hospital for 1 month. i lost all savings and had to bring him home as treatment was costly. now he is bed ridden on machines and i am taking care with help of my friends and family and an ngo. also medicines from govt shops at low cost. i have no source of income at present and unable to pay to my credit cards my due amount which is big amount. they have sent me lok adalat letter . i am tensed , i have no money at present and serious medical problem at home too. what can banks do if i dont go to lokk adalat ? what worst can happen to me ? will they agree to settle at 2-3% ? i am not concerned of cibil score now as i dont have money to eat also. please guide me thank you

A. Dear Sir,
ICCI Bank Limited vs. Prakash Kaur case,

The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.

"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are governed by the rule of law," a bench comprising Justices Tarun Chatterjee and Dalveer Bhandari said.

The court while dismissing th ...ReadMore
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Anonymous

Posted 5 months ago

Hello, I am working in a BPO in Noida. My problem is very serious and I am almost going to depression now.Because, I have a debt of around 12 lakhs through credit cards and personal loan. I have no idea how it happens but I am unable to repay it on time. I am earning 30000/ a month which is not enough to pay a minimum amount for my credit card bill. So, Please advise what should I do now.

A. Already answered.
Please check previous replies.
Thanks
Shreyash Mohta
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Nitesh Dubey

Posted 6 months ago

I want to know that can I file for Bankruptcy because I have owe CC and PL from various banks and am not able to pay my dues because am jobless and also don't have any property on my name and am living on rent in Delhi Pending dues are around 9 lacs?

A. Dear Sir,
You can try for it as per following procedure.
==========================================================================================
The Insolvency And Bankruptcy Code, 2016 - Key Highlights


Dear Sir,

The provisions of Bankruptcy and insolvency Act may be used to get relevant certificate. The highlights of the Act are as follows followed by a link.

KEY HIGHLIGHTS

1. Corporate Debtors: Two-Stage Process

To initiate an insolvency process for corporate debtors, the default sho ...ReadMore
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Anonymous

Posted 6 months ago

Dear Sir / Madam, I have taken 6 different personal loans and used 2 credit cards. My total debt is about Rs 57 Lakhs. I don't own any property or any other assets. My total EMIs are about Rs 1,30,000 and household expenses of about Rs 65,000 which includes house rent and kids education expenses. My monthly salary is Rs 1,35,000. In order to pay full EMIs every month, I end up borrowing more to take care of my household expenses. I requested the lender of my biggest loan (EMI Rs 51,000) to restructure my loan terms to reduce my EMI and increase tenure. But they declined to do so. Last two months, I tried to pay partial EMI but they used threatening language and harassed me by dropping by my home and trying to enter my office premises. So I got scared and had to borrow from my relatives to pay full EMI. I cannot borrow more every month and increase my debt. Please advise me if there is a way to get some court order which will allow me to make partial payments towards EMIs or instruct lenders to restructure my loans to reduce EMI and increase tenure.

A. U should try to solve it peacefully. With concern department of bank
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Anonymous

Posted 6 months ago

Hi Sir, Need assistance on filing a bankruptcy case. What are the details required. Regards Rajan

A. Please share some details of your case so that we can give you appropriate advice.
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Junaid Ali Khan
Junaid Ali Khan Experience: 2 Year(s) New Delhi
Pradeep Kumar
Pradeep Kumar Experience: 33 Year(s) Lucknow
The secured assest for a home loan was auctioned 6 years back by the bank in 2013. It was 2nd auction. The 1st was stayed by the order of the High Court in 2012. Later, the high court ordered the auction but in accordance with PROCEDURE ESTABLISHED BY LAW. Also, the bank said the mortgaged property measured 512 sq. yds. But the High Court ordered auction of 1/4th of 512sq.yds. only. The 2nd auction was conducted within 8 days of public notice. There was no valuation of property done the 2nd time. The 1st valuation was done a year before i.e. in 2012, when the property was put to auction for the 1st time. The borrower was not allowed to bid in the auction. The auction was not challenged in the DRT because the borrower could not afford to fight another proceeding and for that, to hire another lawyer, and decided to challenge the auction- proceedings before the High Court only. Infact, the bank approached the DRT to recover residue amount of loan with huge interests and all the charges they incurred in the auction including hiring A WATCHMAN WHO WAS PAID 1 LAC!! The writ is still pending and the property auctioned 6 yrs back. Can the auction still be challenged in the pending writ proceedings only where the matter as to 1/4th of 512 sq. yds. is still pending, but the property which is the subject matter of the writ is already sold? The writ proceedings have just reached the stage of "NOTICE FOR ADMISSION." If yes, on what grounds, should they contest the writ? Does contesting a claim of your constitutional rights mean that you have no intention to pay the debt back? The borrower just wanted to settle for a lesser amount and that the time of paying back could be exceeded by the bank itself. When the bank didn't listen to them, they approached the court. Does this mean that they wanted to escape their liability? Does not contesting your remedy before the statutory body and with in reasonable time mean you are not watchful of your rights and hence, the court would not listen to you?

A. Dear Sir,
You can amend the pending Writ Petition to seek necessary relief or file a new Writ petition.

For full procedure contact me on mobile through Vidhikarya.
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Please visit the following link.

https://vidhikarya.com/LawyerRating/9506c43f5d0b2d266a07
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My father took a loan(cash credit)(loan against property) from a bank of around 1.15 cr. he took it on himself, myself, my brother and on my mother(loan amount is divided in 4 parts). the property is registered with the value of 1.05 cr and now since around 5 months we have not paid emi and interest as we are completely bankrupt. we spoke with bank and said you may sell the property by court proceedings and recover the amount, they said the property value as of now is around 70 lakhs(as the market is down) hence now they are blackmailing us that they will file a fraud case against us. could you please suggest how to deal with this situation? we have already shifted our home to other city now as my dad had even loans of 3-4 nbfcs on his name. how can we come out of this situation, could you please assist? as we are not in a condition to pay even a penny.

A. Dear Sir,
Common sense works here. The banker must know the value and no banker get the property with low marker value as security. Their officials will be suspended. Get issue a legal notice from office and we shall take the case against them only. You will get much more amount if sold in public auction.
For full procedure contact me on mobile through Vidhikarya.
Rate me Five Star *
Please visit the following link.

https://vidhikarya.com/LawyerRating/9506c43f5d0b2d266a07
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I got a court notice from district court Nagpur for recovery of 291000 dues of sbi credit card. I am almost bankrupt with no movable or immovable property to dispose and settle the issue. Kindly advice what to do.

A. File and insolvency suit.
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I took personal and business loans from 10 financial institutions and two credit cards. I also took money from other persons. I was unable to pay emi's and credit card bills from six months and paid four months but recently two months emi's are pending. The recovery agents are harassing for money. My business is closed on November due to loss. Daily receiving nearly 50 calls and recovery agents are coming to my home and harassing. Its like a mental torture. What can i do now?

A. ICCI Bank Limited vs. Prakash Kaur case,

The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.

"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are governed by the rule of law," a bench comprising Justices Tarun Chatterjee and Dalveer Bhandari said.

The court while dismissing the ICICI Ban ...ReadMore
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Anonymous

Posted 8 months ago

Dear Sir, I have some unsettled credit card debts in the UAE and I am currently in India.Since I have to travel out of India to SIngapore, Is there any way to check if there is a travel ban imposed on me by the UAE. Can a lawyer assist with checking with the relevant authorities?

A. U should send legal notice through lawyer before it
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Sunil Kumar  Singh
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