Legal Question in Credit and Debt Law in India

Credit Societys Unsecured Loan Recovery
Respected Sir,
I am a secratory of a credit society. we have issued some unsecured loan. But a few people are not paying back at all. while issuing the loan we had a proper loan form filled up by them with two gaurentors & a 100 Rs bond duly signed. Can we take any legal action against them

Asked on 12/11/07, 12:21 am

Homi Maratha N.N. Maratha & Co.-Advocates

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Re: Credit Societys Unsecured Loan Recovery

Of course yes. You can recover the amount by civil and criminal action.

Please contact personally alongwith the documents as they need to be examined.

Answered on 12/11/07, 11:57 pm

G. M. Gupta gmguptaandassociates

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Re: Credit Societys Unsecured Loan Recovery

there must be arbitration clause... use it

Answered on 12/12/07, 1:15 pm

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Re: Credit Societys Unsecured Loan Recovery

yes,you can get the amount recovered.Contact with details.Professional charges are applicable.

Answered on 12/11/07, 11:20 am

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