poli reddy (software developer) 18 September 2011

Court notice from lok adalath for icici personal loan

Dear all,

This is Poli reddy, I took a personal loan from icici bank. I paid around 20 EMI's, but after that i lost my job during the recession period, so i was unable to pay the EMI's. Now i got notice from lok adalat to attend it on 22nd of this month.

my questions are

1) Is there any problem if i attend lok adalat, as i am looking for govt job

2) I am looking for a best possible settlement... which one is better (settling with icici bank or settling in lok adalat).. if it is in lok adalat what would be the possible settlement percentage?

Pending amount that mentioned in the notice is 1.6L

Thanks,

Poli reddy P.

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4 Replies

Gundlapallis (Advocate) 18 September 2011

Lok adalat is not a court. It is a body constitution meant for settlement and reconciliation. You can negotiate with the banker for 'best possible settlement' as you are expecting and the lok adalat officers will help you in that negotiation process. Go and attend. Meet the Lok adalat officers and tell your side of problem. Best of luck.