icon Sarfersi act 13 3 clarification

We are a successful bidder of a property in Hyderabad We recently came across a major objection in a case Where borrower asked to not to convert his account to npa and regularise and requested for 1 c

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7 months ago


A. Dear Client,
Section 13(3A) primarily lays down that any security interest created in favour of a secured creditor is enforceable without the intervention of any court or tribunal. As per sub-section (2) a creditor is required to issue a notice in writing to the borrower to discharge his liability within sixty days of the notice when such borrower has defaulted in repayment of secured debt or any installment thereof, and his account in respect of such debt is classified by the secured creditor a ...ReadMore

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icon Scam - selected for our job

Someone called me and said u are selected for our job u need not to pay anything .Only u have to fill forms we will pay you in case not filled you have to pay if it has mistakes also you have to pay t

2 Response(s)

8 months ago


A. Hi client,

This type of fraud is very common these days. Review the said form from an advocate, if the said form/ contract is found to be false and frivolous you might not worry. You can send them a legal notice and also should get a general diary lodged against them in your local police station. Try to avoid them as much as possible.

Thanks and Regards

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icon Notice under section 160 of criminal procedure 1973

I am being again asked to appear undrer section 160 ( 2nd time in 15 days) outside my state in a case registered by a bank against my ex company. I was not even key management person as per balance sh

1 Response(s)

8 months ago


A. Dear client,
In situations where the police sends a notice under Section 160 of the Code, the police should explicitly explain the contents of the F.I.R/Case No.
Please make sure whether the police have given you the FIR. If they have, then non-compliance with summons issued pursuant to Section 160 of the Criminal Procedure Code is a crime punishable under Section 174 of the Indian Penal Code and you might be penalised.
Section 174 deals with Not obeying a legal order to attend at a certain pl ...ReadMore

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icon Is this legal as non nbfc

Example :my customer borrowed 5k Interest: 39%(1950) , processing fee4%(200). Total 7150 / months (3or 6) emi = 2383/ 3 months my company is startup., so it's not a nbfc yet? Am I subject any restric

2 Response(s)

8 months ago


A. Dear Client,
In the absence of a license issued to NBFC by the Regulatory Authority, RBI, trading or marketing of financial business or transactions is termed as illegal and unfair trade practice and the trader or businessman may be prosecuted under the Prevention of Money-Laundering Act, 2002. The following types of entities that are involved in the principal business of financial activity do NOT require NBFC License: Housing Finance Companies – Regulated by the National Housing Bank; Insuran ...ReadMore

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icon Starting digital lending startup

Tell me my calculation is correct, my customer borrowed 5k rupees and i am charging 39% in that amount as interest and 4% as processing fees. So in total customer pays me 5000 + 1950 ( ie total inter

1 Response(s)

8 months ago


A. Dear client,
This depends on each state's laws. The government is empowered to fix the maximum rate of interest for secured and unsecured loans. For instance Under the Karnataka Prohibition of Charging Exorbitant Interest Act 2004, no person can charge an interest of more than 18 per cent per annum. Any person who charges interest above this rate is liable for imprisonment for a term that may extend to three years and also a fine that may extend to Rs 30,000.

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icon Is my interest rates are legally correct

Tell me my calculation is correct, my customer borrowed 5k rupees and i am charging 39% in that amount as interest and 4% as processing fees. So in total customer pays me 5000 + 1950 ( ie total inter

1 Response(s)

8 months ago


A. Dear client,
This depends on each state's laws. The government is empowered to fix the maximum rate of interest for secured and unsecured loans. For instance Under the Karnataka Prohibition of Charging Exorbitant Interest Act 2004, no person can charge an interest of more than 18 per cent per annum. Any person who charges interest above this rate is liable for imprisonment for a term that may extend to three years and also a fine that may extend to Rs 30,000.

Please go through the laws of your ...ReadMore

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icon Money lenders or security or forcible or cheque surrender

This is Sam . Person by name Satish took 12 lakhs rupees from one of a private financier And my father is shivruity for that . Unfortunately Satish family because of financial burden make suicide and

2 Response(s)

9 months ago


A. Dear Client,
If the private financier is a NBFC then its business is regulated by the guidelines of RBI. From the query, it is not clear whether the loan is a secured or unsecured loan. In case it is a secured loan, then the financier has to exhaust all the remedies available for recovery of debt lying unpaid against the deceased borrower failing which, the lender can take action against the surety for recovery of debt of the borrower. Regulatory Authority, RBI issued orders/advisories refrainin ...ReadMore

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icon Unable to pay loan

I am unable to pay loan because I don't have money what i do now

2 Response(s)

9 months ago


A. Dear client,

Read over terms of your loan agreement to see what happens when you are unable to pay it. If you have pledged anything such as a house, vehicle, jewellery, etc, you can liquidate it to repay your loan or if not you can declare insolvency

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icon bank taking possession of agriculture land in sarfaesi act

Please guide. bank taking possession of agriculture land in sarfaesi act on agriculture land which is in dispute in DRT court case

1 Response(s)

9 months ago


A. Dear Client,

Section 19 of the Debt Recovery Tribunal Act enables a bank or a financial institution to recover any debt from any person by making an application under the aforesaid section before the appropriate Debt Recovery Tribunal having jurisdiction. A secured creditor may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT. For the application under the SARFAESI Act, the account of the borrower must be classified as Non-Performing Asset (NPA) by the secu ...ReadMore

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icon Want to do legal our house own house

Our society member want money because they do illegal our own house and they are asking money for legaling our house can u just help me.

3 Response(s)

9 months ago


A. Dear Sir,
You have to approach property lawyer and see that what are the illegalities and how much expense will be occurred and also find out whether you can approach concerned officers and get legalized by paying legal fee.

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