Legal Question in Credit and Debt Law in India
We are a NBFC non-deposit taking. We need consultancy on whether in case of customer default in making repayment of its EMI, What will be course of action we need to take against him/her to recover such money ?
Asked on 5/29/16, 9:30 pm
2 Answers from Attorneys
1) During Budget 2015, NBFCs are allowed to use SARFAESI Act to recover dues.
2) If the defaulter failed after three consecutive notices to repay EMI, the security
can be auctioned or assigned or otherwise disposed off by following proper process.
Answered on 5/29/16, 10:57 pm
Fca Prashant Chavan
Expert Edge LLP
30.05.2016
Dear Sir / Madam,
You will have to pursue a recovery process backed by Police intervention and action.
Regards,
Answered on 5/30/16, 12:24 am