1.Banks can do that and also attach your property.
2. They can attach your salary if there is arbitration clause in the same
Personal Loan
First of all, please do not consider me as a fraud or criminal. M just a lower class person who is rubbing his ass on a call center just to survive with his family in New Delhi. I have got 3 credit cards from HDFC, ICICI AND STANDARD CHARTERED BANK. and the limits are around 5 lac, 3 lacs and 3 lacs. I want to withdraw all the money to build a house. I have a land on my name. Now I DO NOT WANT TO PAY THEM BACK SINCE I HAVE A LOW INCOME. Please answer the below questions : 1- can the banks take over my land and sell it to recover the money. 2 - Can they file lawsuits against me to take my whole salary or put me behind the Jail.
Asked 5 years ago in Civil Law
11 Answers
Bank can sue you to recover outstanding amount with interest
2) in execution proceedings your land can be attached and sold to recover bank dues
3) in alternative money lying in your bank account can be attached to recover bank dues
1. Yes the property can be attached by order of the court and auctioned if you fail to pay.
2. The complete salary cannot be taken a share of the salary amount can be deducted each month for two years and also property can be attached.
1. Yopu shall certainly be sued by all the said three banks who will finally get your property attached, sold and their money recovered with interest.
2. If you take personal loan from the banks as mentioned in the Caption of your query, they will take ECS mandate from you and in case of dishonour they will file case u/s138 of N.I. Act forcing you to rapay the amount taken on loan with interest or go to jail.
Bank File a civil suit for recovering its dues from you. This is made in the local civil court. These cases go on for several years, and the outcome could be that the court orders you to pay up the dues in which case you will now be legally bound to pay up.
If you have any assets with the bank whose credit card you hold, it may attach those assets as lien to recover its dues.
Some banks could also file criminal charges on you under section 406/420 cheating of IPC. This is normally done to intimidate you to settle your dues with the bank..
Not directly can they attached your land and sell it but eventually after the court proceedings they can sell your land
As they can file case and get you behind the bars also
Answer to your both questions is "Yes"
If you do not payback the loan,bank will initiate recovery proceedings against you. If you do not pay them after getting decree against you, your property will be attached to satisfy the decree.
Your ratings do not matter to me at all. I am here to help out people who actually are in need of legal advice, and not for people like you who devise Illegal tactics to usurp other person's properties to create a wealth for yourself. You should be ashamed of yourself.
May good sense prevail.
1. Take loan on fake and incorrect documents.
2. If sword axed correct as given in point no.1 then what they will do.
You will be prosecuted for cheating and criminal breach of trust under penal code and through CIVIL recovery suit, bank can obtain attachment order from court to recover money.
Dear
Yes your property can be attached by bank if they file suit in court for recovery of dues.
Yes they can file law suit in which your Bank accounts can also be attached and you may have face jail for non payment of dues.
