Dear Law Experts,
I took a loan from a private bank in 2004 worth Rs. 5 Lakh and after five EMI's paid I applied for an enhancement of Rs. 2 Lakh. For this purpose I gave the bank 13 EMI Cheques and from 2 Lakhs I was disbursed Rs. 1,90,000. After this bank never disbursed remaining 10K loan amount and also never presented any EMI Cheque to my bank. I approached bank many times and also wrote them through registered post. Instead after almost one year bank issued me a legal notice for pending amount. I replied through a lawyer and stated clearly that bank should present my EMI cheques to the bank but bank never replied the same. After this almost 9 years are passed. I had many meetings with bank officials but they always demanded pending money with interest and fines. But not even a single time they presented any EMI cheque to may bank or explained any reason for not doing the same. Now bank has issued me a Symbolic Possession Notice and demanded almost 3.5 times of principal amount claiming it is 5 Lakhs. When I told them that my loan amount is 5+2=7 Lakhs they stopped talking. I approached again to a known bank employee but he insisted to deposit Rs. 8 Lakhs immediately to proceed further.
Now I want to know a simple question that before allowing any bank to issue such a derogatory notice and to take such a hard step doesn't RBI or DRT ask bank to check its record properly? Doesn't RBI or DRT see who is at fault? In such a case that I always was ready to pay the EMI and I gave the bank valid 13 cheques which bank neither presented to my account nor explained the reason, what should I do?
