Legal Question in Credit and Debt Law in India

Repayment of Loans

What punishment for loans not repayed?


Asked on 11/13/08, 11:55 pm

3 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

Re: Repayment of Loans

in case the cheque has bounced, the creditor may file a complaint u/s 138 NI act and apart from that a suit for recovery may be filed. in case the decree is not executed, a simple imprisonment for 6 months may be awarded.

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Answered on 11/14/08, 5:38 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Repayment of Loans

There can possibly be a 'civil imprisonment' and the liability continues. The assets/property/income of the loanee can be attached in recovery proceedings.

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Answered on 11/14/08, 7:44 am
Nasir Butt Nasir Law Associates

Re: Repayment of Loans

Replies of both Attorneys are accurate.

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Answered on 11/14/08, 11:47 am


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