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

Team Legistify | Legistify

Team Legistify
Answered on 31 Mar 2020

You need to defend the matter by sending a counter notice to the employee stating that if he files a false case, you will proceed with a criminal complaint and defamation case against the person.Read More

Posted on 10 Feb 2020 | 1 Answer

Aditya Dua | Legistify

Aditya Dua
Answered on 30 Mar 2020

You can hire an expert advocate for the same and can file a case against them for threatening you in the court of law and before that, you can file a complaint in the nearest police stationRead 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

Even if you have transferred an amount to your Brother-in-law company account, they have to show them in their Company account Books regarding this transaction as you must know every transaction which is done in Company accounts needs to be justified. So, you don't have to worry regarding the same till any dispute arises.Read More

Posted on 24 Mar 2020 | 1 Answer

Saachi Khurana | Legistify

Saachi Khurana
Answered on 25 Mar 2020

You reply to the notice first with proper points that why cant you pay the payment or why there is delay in the payment. If you don't repay on time they will file court caseRead More

Posted on 23 Mar 2020 | 1 Answer