Bank loan

Keshav kamra (Querist) 13 December 2016 This query is : Resolved
My uncle took a commercial loan from a bank and because of non payment of emi, bank initiated arbitration and then execution in court. The loan AMT was 14 lacs and outstanding is rs 12.57 lacs.please guide whether it is right or wrong by the bank as loan AMT is above rs 10 lacs and it is still not referred to DRT.

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Kumar Doab (Expert) 13 December 2016
You are on which side;Uncle or lender!

The lender must have obtained legal opinion before acting.

Ms.Usha Kapoor (Expert) 14 December 2016
iF OUTSTANDING LOAN IS 10 LAKHS BANK HAS TO REFER TO DRT.YOU MEET THE bRANCH manger AND higher UPS IN THE HIERARCHY chairman/MD REGARDING THIS AND GET MOVED YOUR LOAN FILE TO DRT..

Sudhir Kumar, Advocate (Expert) 14 December 2016
what is your query.

Rajendra K Goyal (Expert) 14 December 2016
Generally Bank loan is not recovered / referred to arbitration.

Receive copies of all documents and go through the arbitration clause if there in the documents.

Whether the Bank is PS or private sector?

Kumar Doab (Expert) 14 December 2016
Do you find any defects with decision of arbitrator!

Rajendra K Goyal (Expert) 15 December 2016
The author is mum in replying the information sought by the experts.Nothing more can be added in such situation.

Kumar Doab (Expert) 15 December 2016
Many authors do not respond after posting query.

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