Legal Question in Banking Law in India
Can microfinance companies like Mas Financial Services Ltd , Sk Microfinance pvt. ltd etc ., charging high rates file recovery suit if client defaults.
Also can they file criminal procedings leading o arrest of the client.
tx
Asked on 3/16/12, 8:43 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
they can file suit. If any cheque given for repayment bounces, they can prosecute under Sec.138 of the N.I.Act. If any fraud has been played in getting loan, they can file criminal complaint.
Answered on 3/16/12, 7:51 pm
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