Recovery through award of Lok Adalat is the easiest and fastest mode of recovery. ?Sir, I need your valuable suggestions regarding home loan… my dad had taken loan of 5lac from the syndicate bank, that time our business was going a good marketing but unfortunately after a year we couldn’t to repay the interest so that now my total amount of the loan with interest became 28 lac n we couldn’t to solve the problem because the amount is more than our capacity. The School management never deposited the instalments violating the affidavit.
i’m sharing here following link to enable you understand the process.Sir thanks for you reply… I have gone through your link…. It is one of the efficient alternative dispute resolution mechanisms that have the potential to provide amicable settlements of differences. 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. As panellists informed us that majority of the matters before them were in the nature of recovery, settlement and bank dispute. i think these people are not genuine. Main condition of the Lok Adalat is that both parties in dispute should agree for settlement.
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?
Permanent Lok Adalat: It was established according to Section 22 B of the Legal Service Authorities Act, 1987.
Therefore, it is possible to revive a time-barred debt by obtaining a fresh express promissory note from the borrower(s) and Guarantor(s) promising to repay the time-barred dues.
The Lok Adalat shall not decide the dispute so mentioned at its own instance, instead the same would be decided on the basis of the compromise between the parties. Bank officials are pressurizing my mother for payment unnecessarily.Sir, I have taken education loan of Rs.
If you continue to use this site we will assume that you are happy with it. Under the said Act, the award (decision) made by the Lok Adalats is regarded to be a decree of a civil court and is last and official on all parties and no appeal against such an award lies before any courtroom. 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. Bank has to legally commit its acceptance of compromise settlement agreed by both the side.I had taken an education loan of 205000 started from Oct 2008 and my study continues up to 2012. 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. In between we were unable to pay EMI so the current dues are 45 lacs and bank is regularly sending the legal notice . your home will be locked by bank if you not repay loan…….
Required fields are marked As per my knowledge is in the property documents must be in the custody of bank not with the DRT. Yesterday bank official went to the plant and stick the notice at plant gate. Benefits under Lok Adalat.
i am slowly loosing my temper…. Sir, ab kaise loan repayment ya settle hoga, Please suggestSir, Earlier discussed with you on above topic…… I wait for notice for OTS from bank as per your advice but 1 day before a Phone call come from bank to my father’s mobile and Abuseing words used by them and also misbehave done on phone…. Main condition of the Lok Adalat is that both parties in dispute should agree for settlement. We reuqested the bank to please restructure the loan amount so that now onwards we can start paying EMI. The concept of Lok Adalat is no longer an experiment in India, but it is an effective and efficient alternative mode of dispute settlement.
If the bank agrees for your proposal of one time settlement, it will take you to LOK ADALAT to give legal sanctity to the agreement.Sir i am reading your forum regularly … its so useful thanks for your great job… my issue is i have taken loan of Rs 400000 and paid 15 months regularly… but now the business is not as smooth as it was…… i am finding it difficult to run for even for my daily expenditures…..i know the consqunses what will happen if i do pay loan. 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.
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