Legal Question in Credit and Debt Law in India
I have a personal loan with Axis Bank for tenure of 48 months, which i am paying regularly for past 31 months except 3 EMI's(Actually it should be 34 months). However last monday i had a collection executive who visited me and informed he has an arrest warrant (Some 140 section). He showed me photocopies of arrest warrant for four other people which stated police to arrest the accused immediately. This photocopy had seal of some court.
My question is Can a bank get a arrest warrant for a person under any section of IPC for a personal loan.
2 Answers from Attorneys
no, under no provision of law, default in payment of EMI attracts criminal offence except when a cheque is given and it bounces.
The collection executive is making you a fool for your innocence. Arrest warrant cannot be served by a person except the Police.
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