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Kvijay12345 (Querist) 31 December 2016 This query is : Resolved
What is the limit ( the minimum outstanding loan) for a bank to file the case in DRT?

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Kvijay12345 (Querist) 31 December 2016
I have heard that the the loans having the principle outstanding over Rs 10 lacs are eligible to be entertained in DRT. Is this true?

Guest (Expert) 31 December 2016
Why this query arises for you.

Kvijay12345 (Querist) 31 December 2016
I have heard that the the loans having the principle outstanding over Rs 10 lacs are eligible to be entertained in DRT. Is this true?

Kvijay12345 (Querist) 31 December 2016
because a friend of mine had taken a loan of Rs. 6,50,000/- from bank in 2008. He defaulted in repayment in 2009. Since then nothing happened & now all of a sudden he received a summons from DRT informing him to be present in the matter filed by ARC ( not even the bank).

Guest (Expert) 31 December 2016
Refer the Judgement in Kerela High Court Feb 21 2005.IOB vs DRT.

Rajendra K Goyal (Expert) 31 December 2016
Total outstanding is considered, not the principal.

Ms.Usha Kapoor (Expert) 01 January 2017
Agree with experts.

R.K Nanda (Expert) 01 January 2017
state full facts.

Ms.Usha Kapoor (Expert) 02 January 2017
Agree with experts.

Kumar Doab (Expert) 02 January 2017
Agreed with experts.

Rajendra K Goyal (Expert) 02 January 2017
It seems your friend intentionally defaulted payment as enough time has passed after 2009 and had enough chances to regularize the account.

Now the case is with DRT, proceed with the help of some expert lawyer.

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