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My nephew took a loan of Rs 16 lakh from Bank of Baroda by keeping my
12-Feb-2025 (In Recovery Law)
Sir, my nephew gave me Jhoot Bolkar my original papers in the bank or took a loan of 16 lakhs but he had to pay 11 lakhs and all this has happened under Sarfesi Act, now it has been 1.5 years in MPA on our account, and now after charging interest on 16 lakhs it has become 21 lakhs in which he is ready to settle, he has given 16 lakhs to the bank from his side. We can give money but the bank is telling us that we need our nephew's signature but our nephew has made us an enemy and he will not sign
In this situation, you should take the following legal steps:
Negotiate with the Bank – Request the bank to complete the settlement process with your signature if your nephew is not cooperating.
File a Written Complaint – If the bank does not accept your request, lodge a complaint with higher bank officials and the Banking Ombudsman.
File a Legal Case – If your nephew has misused your property to take a loan and is now refusing to cooperate, you can file a case against him for cheating and criminal breach of trust.
Seek a Stay on SARFAESI Action – If the bank has initiated proceedings under the SARFAESI Act, apply for a stay at the Debt Recovery Tribunal (DRT) or the High Court to present your case.
Send a Legal Notice – Send a legal notice to your nephew, asking for his consent to complete the bank’s process.
If your nephew is deliberately harassing you, you can take strong legal action against him.
Helpful?
Adv. Upendra Nath Pandey
Allahabad | 25+ Answers
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