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Indian Law/personal loan default


   i have 2 personal loans one from fullerton india,another from tata capital financial services both of 10 lakhs emi being rs.35000 for each loan,intrest is 16 percent and tenure of 36 months. for the past 16 months i have cleared all the emi almost regularly with few emi bounces.i have even paid the charges which they have levied inspite of being jobless for almost 6 months by arranging hand loans ,by closing some policies etc., but now for the past 2 months iam not in a position to pay even penalty iam searching for  new job which iam sure i can get in maximum 6 months.i went to the branch offices explained my situation to the bank executives and asked for a 6 months emi break. but they refused simply by saying that rules donot permit.for the past 2 months they are making innumerable phone calls,visiting my house,my inlaws house,my appartment and demanding for immediate payment,they took my fathers phone num,my wifes no.,my brothers no.,making calls to them,inquiring about my status,they are even trying to contact president of our colony and my appartment.they are threatening to call police,file court case if i failed to pay this month.what should i do now?

You are governed by the terms of loan.The Lender has every right to recover the loan amount but they can do so by following the proper legal course.They can certainly urge for refund of the balance amount and can file suit against you for breach of contract.Accordingly,please take appropriate action on the matter in consultation with a lawyer.

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Arun Kumar Maitra


Contract Law,Companies Act,Sale of Goods Act,Partnership Act,Negotiable Instument Acts,Constitution of India,Arbitration Act,Consumer Protection Act,Maternity Act,Payment of Gratuity Act,Payment of Bonus Act,Shops & Establishment Act etc.The answer to the grievance of the particular online query depends on the facts of the particular case and law applicable to it.However,my comments relating to the various queries raised through the "All Experts" should not be treated as legal advices and should not at all be relied upon.I do not accept any responsibility for them.They will only give you some ideas about the probable merits of your cases.Ultimate actions/decisions in the matter may please be taken in consultation with the Legal Experts in the relevant fields.My purpose of giving the comments is to increase my own knowledge on the subjects and share it with others.It is purely of academic interest to me. I strongly feel the more knowledge we share,the more we shall be able to learn because there is neither any age nor any end to learning.


I have experience of dealing with matters relating to holdings of board/general meetings,maintenance of statutory registers,filing of necessary returns with the RoC,obtaining licenses for import,replies to Parliament Questions,dealing with the Parliamentary Committees,appearing before various courts to defend my employers,filing affidavits/counter -affidavits,preparing written statements/re-joinder,giving advice to management on complicated legal issues,preparation,drafting and vetting of contracts etc. I have more than 35 years of experiences to deal with the Company Law and Other Commercial Laws of leading Organisations in the country both in Public as well as Private Sectors.

Member,Inst. of Chartered Accountants of India Member,Inst. of Company Secretaries of India; Member,Bar Council of India Member,All India Management Association Member,Delhi Management Association Ex. Vice-Chairman,Durgapore Chapter of the I.C.A.I. Expert ,CA Club India Expert ,Lawyers Club India Expert,AllExperts Ex. Faculty ,I.C.S.I as well as I.C.W.A of India Retd. Co. Secy. & G.M.(Law)/NFL(A Mini-Ratna A Schedule Central P.S.U.),New Delhi Ex.V.P.(Secretarial Dept.),Jaiprakash Associates Ltd. Ex. Co. Secy.,MAMC(A Govt. of India Enterprise),Durgapore



Awards and Honors
Obtained ''A'' Grade Certificate in the Parliamentary Procedure from the Secy. General of Parliament in 1994-95.It was in connection with a training course conducted by the BPE for PSU Executives.

Past/Present Clients
I am presently working as a Company Secretary in Old World Hospitality Pvt. Ltd.located in Delhi.It is engaged in Hospitality Industry.It has Units in India and abroad.It has been given the responsibility to look after operation & Management of ''India Habetat Centre'' located at Lodhi Road,New Delhi.

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