Legal Question in Credit and Debt Law in India
In India, what is the difference between a demand notice and a legal notice. Is there supposed to be statutory time gap between the demand notice and legal notice and can one ignore the demand notice and pay the amount due (only principal amount) if and when the legal notice arrives ?
Asked on 7/04/13, 5:07 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
04.07.2013
Dear Sir / Madam,
A demand notice is a notice from the lender, bank or financial institution asking you to pay the amount. A legal notice is through the judicial process. It is possible that both the notices are served on the defaulter simultaneously. There is no statutory time limit between the two notices.
Regards,
Answered on 7/04/13, 8:10 am
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