Legal Question in Banking Law in India
what legal action would bank take on default of credit card payment after notice
Asked on 2/03/11, 6:45 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
if cheques have been given which have bounced the credit card issuer will proceed for prosecution under Sec.138 of N.I.Act. If no cheques are there, they will file suit and attach any immovable property, if there is any, of the defaulter. Otherwise they will get a money decree and attach salary, if the debtor is employed.
Answered on 2/03/11, 7:13 am
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