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Dear Client,
Your query suffers from a lack of information to address it properly. However, be informed that the SARFAESI Act, 2002 provides power to a bank or financial institution to seize the property of a defaulting borrower. If the loan borrowers make any default in repayment of a loan or a loan installment, the financial institution can classify the account as a Non-Performing Asset (NPA). Under section 13(4) of the SARFAESI Act a period of 60 days is allowed to the borrower to clear their

Dear Client,
Under Section 14 of SARFAESI Act, 2002, the Designated Court is required to dispose of the application filed by Secured Creditors within a period of 30 days with a proviso that if no order is passed by the Designated Court within the period of 30 days for reasons beyond his control, he may, after recording reasons in writing pass the order within such further period but not exceeding in aggregate 60 days. Section 14 allows the secured creditor to sell or lease the assets to recover

Dear Client,
It appears that the concerned NBFC without verifying the source of income, and repayment capacity has approved a loan to the borrower in breach of RBI guidelines which may be considered a gross error and deficiency in service on the part of the loan sanctioning NBFC. In the given scenario, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter bo

Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for filing for bankruptcy have been met, the court may accept or reject the application. But, in the absence of any property/assets, your insolvency petition may be rejected by the Court. Alternatively, you can try to negotiate a debt settlement on your own if your poc

Dear Sir,
Section 8 of Insolvency Act bars filing of any case against Banks and Financial Institutions. However, you can file insolvency petition under Section 10 of the said Act seeking a declaration that you are insolvent against private persons from whom you borrowed the amount and take an injunction.

Dear Sir,
It is a petty case before the court since summary procedure will be adopted to dispose of such cases. Once mortgaged always mortgaged. Like that permission will be granted to auction the property and recovery the arears of loan by selling the property better go to Debt Recovery Tribunal and get some relief.

Dear Sir,
Normally, they cannot send such notices unless they are guarantors for the transactions. You may ask your friend or your family member to send a strong legal notice to recall such notice. Further, you may send a legal notice threatening to file civil and criminal defamation cases against such finance company.

Dear Client,
As per the RBI Guidelines, Banks/NBFC/FI are advised to ensure that the contracts with the recovery agents do not induce the adoption of uncivilized, unlawful, and questionable behavior or recovery process. In the context, reference is invited to (a) Circular DBOD.Leg.No.BC.104/ 09.07.007 /2002-03 dated May 5, 2003, regarding Guidelines on Fair Practices Code for Lenders (b) Circular DBOD.No.BP. 40/ 21.04.158/ 2006-07 dated November 3, 2006, regarding outsourcing of financial servi

Dear Client,
It appears that the Bank holds your account, putting a lien of Rs.3000 on the account on receipt of an instruction from the Cyber Crime Cell. Once a cybercrime scam involving suspicious or fraudulent transactions is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating team starts the routine process of investigation, immediately freezing the suspected accounts of fraudsters and the victim's Bank account ob

Dear Client,
in the given scenario, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment under the OTS Scheme. But all your attempts sol