There are many threads at LCI alone where the querists have pointed out telecallers from/on behalf of telecom companies, CC companies, banks etc claim that they are from Delhi Court and arrest warrant has been issued.
It appears a typed scriptt is circulated to all telecallers which they mug up and vomit.
The person who make phone calls to you and claim that he/she is a lawyer or from court are recovery agents and their claim of arrest warrant etc is a hoax and is aimed to terrorize the citizen to an extent that citizen come running to them and they take their cut from payment. Banks are known to offer huge incentives world over and if a bad loan is sold out the recovery agency makes a huge profit.
Yours is a civil liability. You may approach a competent and experienced lawyer and tell him the amount you can pay, and go for OTS. Your lawyer would know how to deal with bank and its recovery agencies. In all probabilities bank shall agree.
Or you may find some competent, seasoned and experienced well wisher who can negotiate on your behalf with the bank. Kindly note that OTS shall be reflected in your credit history and it is taken as adverse comment by bankers, NBFC etc and it may affect your credibility for grant of loan in future. While you negotiate obtain it in writing that bank shall clean your credit history with credit bureaus and OTS shall not affect your credit score adversely. Otherwise bank may demand another amount later if you want to repair your credit score.
You have taken good money of the bank and should ideally pay the entire principle amount and interest. Bank has come forward to grant you loan when you needed funds.
One should not fall for loan if one doesn’t have capacity to repay.
