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How can I recover loan amount other than from mortgaged property
03-May-2023 (In Recovery Law)
Dear Sir, My self employee of leading NBFC, need to know what are the other options going legally other than SARFAESI act in case of NPA in mortgage loan by state govt. employee. A customer is a MP Govt employee with NPA account, mortgaged his one of the vacant residential property with us which is 30 years old. Customer himself wants to sell this property through us due to personal family dispute with the property. Are there any options/clause to get help by government for deduction of EMI through salary as case is of intentional default.
To recover your money, the first step would be to send a legal notice to the person demanding payment of your pending dues.
Thereafter, if he does not respond to the said legal notice within a stipulated time then, you can file a case under order 37 of the civil procedure code (CPC) which deals with summary suits i.e. recovery of money.
Thereafter, if he does not respond to the said legal notice within a stipulated time then, you can file a case under order 37 of the civil procedure code (CPC) which deals with summary suits i.e. recovery of money.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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