Legal Question in Banking Law in India
A bank assigns a loan to another, while in criminal proceedings for that loan under Section 138, Negotiable Instruments Act. What is the consequence of this?
Asked on 6/21/13, 12:46 am
2 Answers from Attorneys
Pravin Vaidya
Independent
Bank will have to prove that dues represented by returned cheque are part of loss suffered by Bank in selling/assigning the debt
Answered on 6/21/13, 7:23 am
Fca Prashant Chavan
Expert Edge LLP
21.06.2013
Dear Sir / Madam,
The Sarfaesi Act of 2002 has given sweeping powers to banks to action loan recovery.
Regards,
Answered on 6/21/13, 7:41 am
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