Lok adalat
sunny
(Querist) 30 March 2016
This query is : Resolved
Dear Sir,
I had taken the personal loan from Axis Bank & I am unable to pay the o/s amount as I am jobless.I received the notice from Lok Adalat & I have attended the same & agreed for the settlement.The bank asked me to pay Rs.60000/- within a weeks time & I had agreed thereupon.However when the last day of payment approached I could not arrange for the huge funds & I could not pay the sum of Rs.60000/- as I am jobless.
Can I once again approach the Lok Adalat & request for some more time.
Also what will be the consequence of not paying the amount which I had agreed during the Lok Adalat.
Pl advice.
Regards,
Vrajsl
r.sathyanarayanan
(Expert) 30 March 2016
pl tell them your position and ask permission to pay in small instalments with no interest.
arriving a settlement before lok adalat is good ,but it is binding on the parties and no appeal can be filed even before apex court.
Rajendra K Goyal
(Expert) 30 March 2016
The decision of the Lok Adalat has to be seen, discuss with local lawyer.
R.K Nanda
(Expert) 31 March 2016
consult local lawyer.
Adv. Yogen Kakade
(Expert) 31 March 2016
The documents are needed to be referred to help you.
