Loan Recovery: After taking a loan, many people are unable to repay it. In this situation, they have to face many types of actions by the banks. Even banks issue many types of notices for loan recovery (HC decision on loan recovery).
Now the High Court has taken a big decision in the matter of loan recovery. This decision will provide great relief to those who do not repay the loan. It is important for every loan taker to know this decision.
High Court decision When a loan taker is not able to pay its EMI or repay it, the bank adopts many tricks to recover the loan amount (Bank loan recovery rules). It is also seen that the bank adopts other methods besides loan recovery agents, sometimes even the rules are ignored to recover the loan amount.
Now the High Court (loan recovery ke niyam) has given a strict decision regarding this, as well as warned the banks to work within the limits in future. Let us know this historic decision of the High Court.
This decision was given on the lookout circular –
The High Court (High Court Decision) while giving its decision has canceled the lookout circular issued by the bank against the former director of a company. According to this case, the company in which the said person was working was not successful in paying the loan and had become a guarantor to get the loan.
This decision of Delhi High Court (High court update) in the matter of bank loan recovery is in discussions. The High Court, while being strict and warning, has told the banks that when there is no misappropriation of money, then there is no justification for the bank to issue a Lookout Circular (LOC) for loan recovery.
