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Not able to pay loan bank issued legal notice What can I do
26-Jul-2023 (In Banking / Finance Law)
Sir we took a loan under Kisan credit card (KCC) 3 years ago. But because of drought and illness of my father we could not repay the same, now bank issues legal notice asking us to clear the remaining or our land will be auctioned. it was 2lac loan. they sent letters every month. We feel so much harassed sometime they say we will publish your name and photo in local newspaper Please help us what to do? meanwhile rajasthan is drough affected state. few month ago RBI already notification said that more loan should be issued if farmer is from drough affected area. What to do?
Since you have already received the Auction Notice, please approach an Advocate at the local Court and apply for an Interim Order of Stay. If the Auction has already been conducted, then apply for Stay of further proceedings. Please do so inmediately. After obtaining the stay, you can also proceed to seek direction for One Time Settlement, so that you can work out the terms of a settlement with the Bank. If any policy is available for farmers, try to apply for it. But getting a stay order of the auction or it's proceedings is urgent. Please do not ignore this - take action immediately
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