Payment and settlement system act

Swati (Querist) 07 January 2018 This query is : Resolved
Sir,
Can you please suggest me that in ecs bounce matters , coborrower can be made a party as co-accused ?

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P. Venu

(Expert) 08 January 2018
What are the facts? What is the issue?

Guest (Expert) 08 January 2018
If you are a co-borrower, you are equally liable to pay the amount, if ecs remittance fails.

Swati (Querist) 09 January 2018
It is a ecs bounce matter under section 25 of payment and settlement system act r/w section 138 of N.I Act . Accused and his wife having joint account had taken home loan and signed on all the documents .I had to argue on process issue then Hon. Court asked me that how coborrower can be made a co- accused. When I told that they are having joint account and also had signed on all the documents. Hence, both are equally liable to pay the loan amount. But Hon. Court did not agree with me. I wanted to know that what I have to say to prove my point. Is there any specific section aur case law to prove this.

Thanking you

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