Debt collection for foreign bank
2 years ago
I would like to seek some clarity on debt collection
1.Can a foreign bank do debt recovery thru Indian debt collection agency ?
2.If this is legal under which section the debt collection agency should be registered under company act?
3.if not legal what under which section can we file case against the agency
4.there was a Kerala High court which states its illegal to do debt recovery in India for Foregin bank
A.Dear Client
NO, Any international debt collected in India must be paid directly to the original creditor. Another specific debt collection law that exists in India is that a statute of limitations of three years is placed on any outstanding debt.The banks can only proceed against the defaulters legally, the court said.
Thanks
Regards
NO, Any international debt collected in India must be paid directly to the original creditor. Another specific debt collection law that exists in India is that a statute of limitations of three years is placed on any outstanding debt.The banks can only proceed against the defaulters legally, the court said.
Thanks
Regards
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A.Dear Sir,
There are so many hurdles in recovering the loans raised in Foreign Banks. You must ask the recovery agents to show their legal documents.
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