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Dear Client,
The OTC Exchange Of India was founded in 1990 under the Companies Act 1956 and was recognized by the Securities Contracts Regulation Act, 1956 as a stock exchange. The OTCEI is no longer a functional exchange as the same has been de-recognized by SEBI vide its order dated 31 Mar 2015. OTCEI Securities Limited subsequently filed for liquidation under the IBC Code on 25 September 2017. The over-the-counter(OTC) market trades securities not listed on the major exchanges. In an OTC mark

Dear Client,
A borrower of a loan is held personally liable for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan or credit card dues stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearing both parties Court may even pass an order for att

Dear Client,
A borrower is held personally liable for non-payment of the outstanding amount of the loan/credit card. Once the repayment of the loan or credit card dues stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower/credit card holder. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearing both parties Court may even pass an order for at

Dear Client,
Speedy trial is a fundamental right implicit in the guarantee of life and personal liberty enshrined in Article 21 of the Constitution of India and any party to a litigation who is denied this right of speedy trial is entitled to approach the High Court under Article 226 of the Constitution of India as well as Supreme Court under Article 32 of the Constitution of India to enforce such right. Accordingly, you can file a petition under Article 226 of the Constitution before the High

Dear Client,
A Guarantor/Surety is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Once agreed, a guarantor cannot revoke or cancel his guarantee to the said loan unilaterally which is legally impermissible. Even in the absence of a borrower or guarantor his or her

Dear Client,
First, ensure the authenticity and veracity of the legal notice received from the unknown person. Be informed that in the case of the issuance of cheques from joint accounts, only the person who signs the cheque can be prosecuted in a cheque-bouncing case under Section 138 of the Negotiable Instruments Act. When an individual signs a cheque drawn on their account to settle a debt or obligation, and the bank subsequently dishonors the cheque, it constitutes an offense under Section 1

Dear Client,
A Guarantor/Surety is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Even in the absence of a borrower or guarantor his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased borr

Dear Client,
Under the COVID-19- regulatory package, RBI has permitted the Bank to grant a moratorium of three months to all the accounts that are standard assets as of 01.03.2020 and for which installments are falling due between March 1, 2020, and May 31, 2020, which was thereafter extended to 31st August 2020. The scheme will be uniformly applicable to all standard-term loans outstanding as of March 1, 2020. Interest shall continue to accrue on the outstanding portion of the term loans during

Dear Client,
A person is held personally liable for debt/loan availed of from a financer and legally, there is no escape route to get rid of that liability. Once the repayment of loans stopped, the financier shall take its own course of legal action to recover the debt from the defaulter. Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for

Dear Client,
To fore-close your cash credit account, you have to contact the Branch Manager in advance who would arrange for necessary approvals for the foreclosure of the CCAccount in compliance with the following steps. You have to remit the entire amount of the loan/overdraft lying in the cash credit account on the date of foreclosure. Full and final settlement of the loan will be subject to payment of all charges that have accrued on the date of the pre-payment. So, until and unless you repa