Home loan settlement - bank start legal proceedings
1 year ago
Can the bank start legal proceedings if they have sold the asset through Sarfaesi act for 2-3 Lacs lesser amount due to Covid period. The bank on call has said that they want to recover amount around 10 Lacs with interest and penalties when actual pending principal amount is 2-3 Lacs only. I am unemployed.
A.Dear Client,
According to the law Breach of contract when it comes to loan repayment itself is not a crime but lenders can approach a civil court in order to recover the same. If a loan has not been repaid for more than 180 days, the lender is allowed to file a case against the borrower under Section 138 of the Negotiable Instruments Act of 1881.
According to the law Breach of contract when it comes to loan repayment itself is not a crime but lenders can approach a civil court in order to recover the same. If a loan has not been repaid for more than 180 days, the lender is allowed to file a case against the borrower under Section 138 of the Negotiable Instruments Act of 1881.
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