car loan outstanding aftet seizure
lalatendu das
(Querist) 10 October 2014
This query is : Resolved
Sir I had availed a car loan from a natinalised bank in 2008 I had paid emi for about 1 year after that due to my bad financial condition I didn't repay the emi for which I request bankto seize car and car was seized in 2011 but now bank send a legal notice to me and my guarantor to repay or they will take legal action. I took loan rs 2 lakhs and at the time of seizure it was 3 35 000 and now they written it as 3 57000
What shall I do and in which court I will go or what answer I give to bank lawyer
Pls advice.
ajay sethi
(Expert) 10 October 2014
was car auctioned ? what was amount realised by bank . contact a local lawyer and reply to legal notice
ROHIT SHARMA
(Expert) 10 October 2014
1. The bank can only file a suit for recovery of money within three years from the date the account became non profiting asset. Moreover the car had been seized and this is deemed as part of the recovery of money. The bank can sell the car even at lower rate but then the loss has to be borne by you.
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2. Let the bank file a civil suit. Then you can ask for delegating the matter to lok adalat and some kind of compromise formula can be worked out to your advantage.
3. You can tell the bank advocate that the bank should have filed the suit within the limitation period of three years.
lalatendu das
(Querist) 10 October 2014
Sir I am not sure but I heard that it was auctioned.the seizure paper is with me
lalatendu das
(Querist) 10 October 2014
Rohitsir already 3 years was completed from npa to till this date .
Whether I will reply to bank advocate or not if yes then what should be my reply
lalatendu das
(Querist) 10 October 2014
Rohitsir already 3 years was completed from npa to till this date .
Whether I will reply to bank advocate or not if yes then what should be my reply
ajay sethi
(Expert) 10 October 2014
what was amount realised on auction . bank can recover balance amount from you . ask for detailed statement of account from bank
Rajendra K Goyal
(Expert) 10 October 2014
Whether any notice / acknowledgement of debt / deposit by you in in loan account in last three years exist. If so loan account is not time barred and Bank can file suit for recovery and assets of borrower and guarantor can be attached.
lalatendu das
(Querist) 10 October 2014
Respeced goyalsir during last 3 years there is no notice or dipisit given by me to bank.so what shall I do now
ajay sethi
(Expert) 11 October 2014
contact a local lawyer and reply to legal notice . state that claim is barred by limitation
Sudhir Kumar, Advocate
(Expert) 11 October 2014
the experts have advised best based on given facts. You have to contact local lawyer.
lalatendu das
(Querist) 11 October 2014
Thanks a lot to all experts.regards
