Person filed complain for recovery of his money in police station
20-Mar-2023 (In Recovery Law)
Can I file FIR if someone is not returning my money?
How do I file a legal notice for recovery of money?
What is the legal action for recovery of money?
How can I legally recover money?
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Lokesh Anand
Hi sir my frnd has paid (after it has been held as a NPA) an education loan amount after few years and it's 10Lakhs now. Should he has to pay for the revenue recovery department too?
Reply by LawRato
If the education loan was taken from a bank or financial institution, then it is possible that they may have transferred the account to the Recovery Department of the bank for recovery of the outstanding dues. In such cases, you may have to pay the dues to the Recovery Department as well.
It is important to note that when a loan account becomes a Non-Performing Asset (NPA), the bank or financial institution can initiate recovery proceedings to recover the outstanding dues. If the recovery proceedings are initiated through the Recovery Department, you may have to pay the dues to them as per the terms and conditions of the loan agreement.
It is recommended that you check the loan agreement and contact the bank or Recovery Department to get more information on the outstanding dues and the process for repayment.
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