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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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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 *
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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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Rameshwar  Dadhe
Rameshwar Dadhe Experience: 4 Year(s) Aurangabad
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 34 Year(s) Bangalore
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 1 year 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
Sunil Kumar Singh Experience: 18 Year(s) Kanpur
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 34 Year(s) Bangalore
Rajaganapathy  Ganesan
Rajaganapathy Ganesan Experience: 5 Year(s) Chennai
Hello Sir, I had quit my job 2 years ago as I had to take care of my new born.. since 2 years I managed to pay my debt every month.. now it's impossible to clear my debt.. I have been unable to pay for last 4 months.. I would now like to file for bankruptcy to get rid of constant hounding from banks. I want to start a fresh. Please advise

A. http://lawgyaan.in/faq-insolvency-bankruptcy-code-2016-ibc/

FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
FAQ on Insolvency and Bankruptcy Code, 2016 (IBC)
The motive behind these Frequently Asked Questions is to address the basic queries of the stakeholder (Companies, Individuals, Partnership Firms, CEO, MD, Directors, professionals, students) on the Insolvency and Bankruptcy Code, 2016.
Evolution, purpose of IBC and Authorities involved:
1. What is Insolvency and Bankruptcy Code, 2016? Wh ...ReadMore
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I have used my credit card and my dues around 4 lakhs, including interest and all charges. I want to sort out the Issue without effecting my cibil , but bank person as given option of settle or full settle or Emi option for total dues.. But the amount of dues is actually double of Principle amount. I want to reduce the interest and other charges..is there any solution for that??

A. speak with the bank officials. However if you don't want your CIBIL affected you should pay the full payment which can be either one time lump sum amount or emi option.
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Shanti Ranjan  Behera
Shanti Ranjan Behera Experience: 23 Year(s) Bhubaneswar
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 4 Year(s) Aurangabad
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 34 Year(s) Bangalore
Hello sir i am mukesh agrawal. I took a loan from home credit of amount 120000 on may 2017, I was continue paying my emi till august 2018, But dur some financial losses i was unable to pay my EMI , now i got a legel notice and they asked to pay full amount with interest and 100 rs notice charge within 7 days. Sir the address given to them was my relative address as home credit do not serve in my city but i dont live with my relatives now and company sending all the recovery elements even recovery agents to my relative home. Even i talked to them that i will pay my loan in some time and will pay monthly.. please help me what to do. I am very depressed.

A. contact the bank officials to stop sending the recovery team from harassing your relatives. In the meantime contact a local lawyer from DRT from Vidhikarya to reply to their notice. Alternatively you may contact the bank manager to give you some time to repay the loan amount as you're going through a financial loss.
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Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 34 Year(s) Bangalore
Shanti Ranjan  Behera
Shanti Ranjan Behera Experience: 23 Year(s) Bhubaneswar
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 4 Year(s) Aurangabad
Dear Sir, I have multiple personal loans from various banks around 4.5 lakhs & credit cards over due around 1.5 lakhs. Due to some financial issues I didn't pay the dues from last 5 months. All EMI'S will be auto debited every month in the first week. Now my salary account went into minus rs.50000/-. I need a stay order & willing to send the legal notice for money lendors. Kindly suggest me the best solution to resolve the issue.

A. Dear Sir,
You may get issue a legal notice asking the bank to wait for some more time otherwise ask them to file a civil suit where you will get time by way of installments.

For full procedure contact me on mobile through Vidhikarya.
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Chandra Shekhar

Posted 1 year ago

Dear sir, I am a salaried employee in a private organization. I have multiple personal loan debts from various banks & credit card over dues from last 4 months. My financial position is very bad & I can't clear the dues for a long time. Kindly suggest me about legal notice to get relaxation from recovery agents harassment.

A. Dear Mr. Chandra Sekhar,
This is not the right cause to serve Legal Notice.
Best option for you would be to meet the Branch Manager of the Bank concerned and ask for additional time and refund the money as per the calculation and well in advance of time.
That would really save you from a lot of crisis.
Shanti Ranjan Behera
Advocate
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Kishan Dutt Kalaskar Retired Judge Experience: 34 Year(s) Bangalore
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Abhimanyu Shandilya Experience: 15 Year(s) Kolkata

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