Legal Question in Banking Law in India
wether pesonnel loan defaulter procecuted u/s Crpc 405,406 &420?
Asked on 9/15/10, 11:30 pm
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
It is not personnel loan. It is personal loan. Defaulter cannot be prosecuted in a criminal court. By defaulting he is not committing an offence. But if he had given post dated cheques or cheques in repayment and they bounce, he will be liable to br prosecuted under Sec.138 of negotiable Instruments Act. No question of Sec.404, 406 or 420of Indian Penal code (IPC) and not Criminal Procedure Code (Cr.P.C.)
Answered on 9/16/10, 6:02 am
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