If loan account is time barred, can we able to issue lok adalat notice .. whether the account can be settled in lok adalat by judge? Nobody else can help you in this matter. It’s a support for truth and fairness in journalism. what should i do ….. thanks in advanceYou can discuss with the Manage about your difficulties and take his advise in the matter.Bank normally do not react with the loan defaulters the way you are guessing. They told us to meet them on 19th january 2018 and they said there will be other officers to whom i can appeal. The court may deliver judgment to repay the loan in installments after assessing your family income and funds required for survival of the family. A mega Lok Adalat being conducted on February 13 will deal with cases relating to banks. Lok adalat is similar to a civil court can be organised by the State Authority, the District Authority, The Supreme Court Legal Service Committee or High Court Legal Services Committee at such intervals and places as deemed appropriate. please sirr guide me how should i proceed.. can i independently appeal for lok adalatCatch hold of a good lawyer and send reply/objection to possession notice sent by the bank. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda. Now the bank has come up with Special settlement scheme and i have agreed to pay 23 lacs and i have paid the amount . Our plans enhance your reading experience.
They are not clearing me about current Outstanding 426000 and over due 59000.Since you or your father have not offered any collateral security to the bank (Banks cannot take collateral security for education loan amount below 7.5 lakh) and you are unemployed the bank can’t do much to recover money from you. Lok Adalts are created under Legal Services Authority Act 1987 JURISDICTION AND TYPES OF CASE However, as per section 25 (3) of the Contract Act, a fresh promise made for repaying the time-barred debt is a valid consideration and the same is enforceable in a court of law. Day before yesterday we got a notice from the lok adalat to meet in the court but I was working in mumbai so my father couldn’t to get reached the court on te date so what to do now and suggest us what is the procedure to re getting the date and we want to know that upto how much amount will be reduced from the bank….I am waiting to your valuable answer thanksSince Lok Adalat is a voluntary process and works on the principle that both parties to the dispute are willing to sort out their dispute amicably without Court intervention, you may contact the manager, over the phone and appraise him of the financial difficulties and your willingness to close the account, if the bank provide sizeable concession to you.Sir, we tried many time to short out the case and whenever we got notice from the bank we tried to solve our but nothing happened because that time the manager are forcing us u must to pay full amount so the amount getting increased, we said them many times to please proceed my case to the court but they didn’t, so this time we short out the problem so please guide us now how can I get the solution n what we should do now… I will wait for your valuable guidance thanksSince Lok Adalat is a voluntary process and works on the principle that both parties to the dispute are willing to sort out their dispute amicably without Court intervention, you may contact the manager, and apprise him of the financial difficulties and your willingness to close the account, if the bank provides sizeable concession to you.All the best.Since Lok Adalat is a voluntary process and works on the principle that both parties to the dispute are willing to sort out their dispute amicably without Court intervention, you may contact the manager, and appraise him of the financial difficulties and your willingness to close the account, if the bank provides sizeable concession to you.If the agrees for the amount you are ready to pay, they will arrange for Lok Adalat settlement.Sir, I’m having one doubt.. if it renewal document is mandatory for bankers to issue lok adalat notice to npa borrowers.
but bank is saying to pay the 45 lacs at a time. In such cases also, in my experience the borrower pleads his helplessness to repay the entire loan amount in one shot and request the the court to permit him to repay in installments. I have spoken with the BM for OTS (1,30,000) but he denied and asking for full amount to be paid in emi. The Lok Adalat is an innovative Indian contribution to the global jurisprudence. Subscribe to The Hindu now and get unlimited access.
Sir my question is will they stick my name with photograph in bank notice board…. is this possible?It was the sole discretion of the banks’ Board which decided to accept Rs.23 lakh from you as a one-time settlement/out of court settlement.When Bank has closed your loan and issued you the no due certificate, you need not worry much. I did not got any job. This is the first step you have to take to protect your property. Regarding subsidy, I have no idea under which subsidy scheme you have availed loan.If you were entitled for subsidy you should have inquired with the bank why subsidy is not credited/received by the bank.Sir, if i pay the bank through lok adalat, will it hamper my chances of getting loan in future?I’m not sure how your loan application will be considered in future. If loan account is time barred, can we able to issue lok adalat notice .. whether the account can be settled in lok adalat by judge? your home will be locked by bank if you not repay loan……. they initially said that we have to pay 2.60 lacs and after 1 hour of arguement they said that they got confused with some other client and we have to pay 2.10 lacs. etc.