Tanya Mahajan | Legistify

Tanya Mahajan
Answered on 31 Mar 2020

The Micro, Small and Medium Enterprises Development Act, 2006, made provisions to mitigate the problem of delayed payment, whereby any buyer who fails to make payment to MSMEs, as per agreed terms or a maximum of 45 days, would be liable to pay monthly compounded interest at three times the bank rate notified by RBI.Read More

Posted on 30 Mar 2020 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 31 Mar 2020

The bank can recover the money if the sale of your collateral does not fulfil the loan amount requirements.Read More

Posted on 16 Feb 2020 | 1 Answer

Tanya Mahajan | Legistify

Tanya Mahajan
Answered on 30 Mar 2020

Yes, the bank can take the legal action after 14 years of loan default. If a borrower is unable to maintain the terms and conditions of his loan, he can request the lender to relax the same. This may lead to a reduction of charges, lowering of interest rate, lengthening of the loan tenure, a moratorium on interest, etc.Read More

Posted on 24 Mar 2020 | 2 Answers

Sakshi Yadav | Legistify

Sakshi Yadav
Answered on 29 Mar 2020

If there is a proper agreement between the lender and your sister then yes, he can take a scooter from you. As you know if any security has been kept against the load then the lender has full right to use the security to recover the amount.Read More

Posted on 21 Mar 2020 | 1 Answer

Shagun Srivastava | Legistify

Shagun Srivastava
Answered on 28 Mar 2020

Notice in recovery suit is not mandatory but it is optional. But the suit filed for recovery of money without issuing demand notice will advantage for you and you can take one of ground to your defense. A money suit can be filed within 3 years from the date of the transaction.Read More

Posted on 23 Mar 2020 | 1 Answer

Saachi Khurana | Legistify

Saachi Khurana
Answered on 27 Mar 2020

You can send the reply to the legal notice sent by the bank stating your issues to them and then wait for their reply or if they proceed with the court proceedings then you can contest it.Read More

Posted on 24 Mar 2020 | 2 Answers

Sakshi Yadav | Legistify

Sakshi Yadav
Answered on 26 Mar 2020

You can file an FIR against the builder or you can file a RERA complaint. I hope everything is done according to the Builder Buyer Agreement signed between you and Builder and there is a violation for the same as well.Read More

Posted on 21 Mar 2020 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 22 Mar 2020

No, a private money lender can file a recovery suit in the civil court to recover unpaid debts.Read More

Posted on 10 Feb 2020 | 1 Answer

Advocate Sunder  Khatri | Legistify

Advocate Sunder Khatri
Answered on 22 Mar 2020

This depends upon the contract between parties. Any breach or violation has to be proved in a court of lawRead More

Posted on 16 Mar 2020 | 2 Answers

Shagun Srivastava | Legistify

Shagun Srivastava
Answered on 16 Mar 2020

A bank usually lets one mortgage payment default slip by, but for the next one, it will mail you a reminder to inform you that your payments are late. After three defaults, the bank will send a demand notice, asking you to pay your dues as soon as possible. After the end of this period, the bank can officially term the home loan an NPA and start the process of recovering the property through the SARFAESI Act,” Even after invoking the Act, the bank gives the borrower a 2-month notice period to repay the dues. Finally, five months after the first default, the bank sends a notice, stating that it has valued the property for a certain sum and that it will auction the house on a particular date. This is usually set for a month from the date that the bank mails you the auction notice.Read More

Posted on 10 Mar 2020 | 1 Answer