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I cancelled autopay ECS NACH from NBFC Loan app
01-Oct-2024 (In Cheque Bounce Law)
Hi sir,
I have cancelled ECS NACH autopay which the loan app has initiated when I took loan few months ago. I called my saving account bank to stop the ECS mandate due to financial issue, I have stopped paying the bank since 2 months, there is no blank cheque they have and no emi bounce charge was deducted since 2 months, can NBFC bank file a criminal case like 420 against me for this or only arbitration can be done?
Stopping an ECS mandate without settling the loan may lead to legal consequences, including arbitration or recovery proceedings initiated by the NBFC. While Section 420 (cheating) is typically applied in cases of fraudulent intent, non-payment due to financial issues might not amount to a criminal offense unless there is clear intent to deceive. However, NBFCs may pursue civil remedies like arbitration for loan recovery.
For a detailed consultation and legal advice on how to proceed, feel free to call me at your earliest convenience.
For a detailed consultation and legal advice on how to proceed, feel free to call me at your earliest convenience.
Helpful?
Adv. Vaibhav Anand
Jhansi | 5+ Answers
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