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Protection to the senior citizen from the threat of recovery agents


07-Sep-2023 (In Recovery Law)
Mr.X took out a loan from a private financing company in India (I won’t mention the name of the company in a public forum, but it’s a well known company and everyone in India knows about it). Apparently he has failed to pay the installments for a couple of months, and the recovery agent showed up in his house screaming vulgar words and threatening him. The person who took the loan is in his late 60’s, a fairly old man, and the recovery agent is a young healthy dude. The old man was intimidated and scared beyond his wits. He was left speechless and stunned when this happened. Doesn’t seem right. If you are approving a loan to a retired person on a very limited income, you are taking a risk. Then when he fails to pay an installment, you are sending a goon to his house to threaten him. Isn’t there a law to protect old people from such violent recovery goons in our country?
Answers (1)

Answer #1
874 votes
In this particular case, the person should register F.I.R. and report the incident. There should be registration of case against the goon under section 351 of I.P.C. for Assault, under section 503 and 504 for Criminal Intimidation and Insult respectively.

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