2 Answers
Dear Client,
If the bank has sent to a Lok Adalat notice, it is generally meant for settlement or compromise of pending or pre-litigation disputes and the bank recovery matters are commonly taken up there. The best course of action will be to attend the date mentioned in the notice itself. Add the loan account statement, repayment receipts, bank messages, salary proofs, and a realistic repayment offer. If you can pay some amount, be prepared to ask for a one time settlement or a agree on a monthly instalment plan. If a compromise is reached, the Lok Adalat award becomes final and binding. It is treated as a civil court decree and no appeal lies against it. If no settlement is achieved, the matter is returned to the court from which it came and the case continues form the stage it had reached earlier. Therefore, you should go and try to settle the matter, and be vigilant of the documents you sign with full knowledge and consent. I hope this helps. If you have any further queries, please feel free to contact.
Dear Client, as per your query, The receipt of a Lok Adalat notice signifies the opportunity to resolve bank loan disputes amicably, without incurring court fees. One has to attend the hearing with the required documents (loan statements, payment receipts) to arrive at a final binding settlement. If the party fails to attend the hearing, the case could go into litigation, thereby extending the period of the dispute. I hope this answer is helpful. In case of further queries, please do not hesitate to contact us.
Thank You.