Home loan security cheque bounced by bank

In Cheque Bounce Law
One of my friends took a loan for site purchase . Sale deed is done . He paid emi for few months . Then because of Covid situation he couldn't pay emis . Now he is ready to let go of property by surrendering to the bank . But now he received a notice from bank saying dishonouring of ECS mandate and they want file case against that . He doesn't have money to pay and he is ready to let go of property . What should be done in this case .?

Answers (2)

158 votes

okay I understand your questions so your friend got notice from bank right so if you don't want to properly he will suremd the property to bank m action the property then you will get clearance certificate from. bank and it will value is high of the bank loan you will get extra amount to you if you need any legal help contact me thank you

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153 votes

Dear Sir,
Actually the Bankers ought not to have take shelter under the amended provisions of Negotiable Instructions Act. You may challenge such criminal proceedings before High Court by saying that you are ready to surrender the property and close the issue.

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