It is necessary to peruse terms and conditions of loan , statement of account forwarded by bank and notice issued by bank to advice 

2) if you have availed loan for 15 years part of EMI must ha e been adjusted towards repayment of principal amount 

3) the annual statement of account must reflect amount adjusted towards interest , principal amount 

4) after period of 15 years it is surprising that principal amount has remained same 

Sir, before expiry of notice period, consult a local lawyer practising in Debt Recovery Tribunal and take stay. While consulting lawyer, show him statement of account and other relevant documents you had so that proper reply can be given. Any delay may cause you inconvenience. Good luck. Prima facie it seems that you have a good case.

it can not be said in a straight jacket formula whether the notice is valid or not. it will depend on the terms mentioned in your  loan sanction letter. according to your statement, initial EMI was Rs.3700. what about rest EMI? whether those are also RS.3700?

if those are also of Rs. 3700 and you did not received any letter from bank for variation of EMI during tenure of loan and you have sufficient document to show that you never defaulted to pay EMI, then the notice is illegal.

Send reply denying your liability to pay Rs 3.03 lakhs demanded by bank 

askbank to furnish detailed statement of account 

Go to the bank and check your account as if you are going to make the payment.  Collect the statement of account and enquire about the default.  Get yourself satisfied and if need be consult the lawyer.  Don't sign any document in the bank.

You can ask from bank statement for last 15 years and ask them how they had charged you rate of interest and give reply to their SARFAESI act 

Notice can be contested check the EMI as per the loan agreement if you were paying less it is fault on part of both parties as you did not pay as per loan agreement and bank did not notify or take action. 

See if the loan is defaulted the bank can take action and can issue notice though notice can be contested and you can ask bank to either settle or either make new arrangement for payment that is reschedule the loan. 

Actually it's invalid but you need to reply the said notice and make out your case. So that even if they move to DRT you can fight the same. You can also move to consumer Court for deficiency of service in the above case

you may challenge the said notice of the bank before the court. 

The said notice is invalid in the eyes of the law. 

Present the relevant documents before the court showing that you were paying the EMI regularly as per the initial loan agreement. 

Show the court the bank statement and the loan agreement. 

Regards 

This is my response to you:

1. You can directly call up the bank and ask their legal department;

2. Or you can send a legal representative to speak to them;

3. You can send a legal reply to the notice;

4. Consult a local lawyer, discuss the facts and take steps likewise.

The npa notice and the order of the bank tibdeposit money should be challenged in the drt or better still in the high court.

Regards 

The bank is guilty of not informing you that the interest has increased and has not submitted any pending amount bills and hence us clearly guilty of misconduct.

Notice not maintainable as notice under SAROFAESI Act - recovery must be more than 10,000 lacs;.

For any action to be taken under sarfaesi act, the NPA  amount should be more than Rs. 10 lakhs, moreover the bank has to first convert it into NPA and intimate the borrower about it in writing.

The bank seems to have not followed any procedure or rules in this regard before issuing the said notice under section 13(2) of the act.

you may issue a strong reply notice against the legal demand notice denying their allegations and if necessary you may obtain an injunction order agaisnt the bank for their irregularities as pointed out.

You may discuss with your advocate at length and proceed on the basis of the adises received.

There appears to be a gross violation of rules and law by the act of the bank by sending this legal demand notice.

They have not followed any procedure that are meant to be complied with before sending such notice, hence you can very well challenge the notice ion the court of law by filing an injunction suit restraining the bank to proceed in the manner they have proposed in the legal notice.

Hi,

Since you have paid the EMI, you are suggested to send strong reply of legal notice to stop any work or nuisance by bank and ask for statement of account of your loan in order to clarify their demand. Also visit nearest branch of bank and get the things clarified as regards to dues, if any. Do dispute their claim and give counter reply asking compensation for damages caused by their wrong action.

Dear Client 

You should approach the consumer court against bank for not informing you for default in last 15 years and now sending notice under SURFAESI act is not maintenable and if there is balance due they should make EMIs of that amount at Fixed rate of Interest.

Prior to that you should visit your bank to settle the terms of Balance amount for which they have send you the notice. It may be possible that they find some solution regarding this problem.