Legal Question in Criminal Law in India

Re: Ni act

The remedy of a suit for recovery as also a complaint under N.I.Act may still be available. It may be not be a good defence with the borrower that the company is not registered with RBI. The principle of restitution may still apply.

Re: Ni act

Whether the company is a NBFC or not is a question of fact.

If it is a NBFC, failure to register with RBI entails only some penalty. The debts of such company do not become unenforceable.

Re: Ni act

once a person lends you some money, it become legally enforciable debts. And that person can legally recover the debt and persue all legal remedies. Whether a person (here body institution) is registered under any law is immeterial, unlss there is specific bar under the law, restring any legal proceedings by such unregistered person.

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Re: Ni act

Already replied.

Re: Ni act

For lending loans a person/company etc must have a money lending licence also under the money lenders act.