realization of default loan

Querist : Anonymous (Querist) 03 April 2011 This query is : Resolved
Respected Experts,

As the SARFAESI ACT 2002 is applicable only when amount due is more than 1 Lakhs .

so could anybody provide some some knowledge on how the Micro Financial Institution realized their loan amount back from defaulter if the default amount is less than 1 Lakhs i.e in case of Rs 40000/-,Rs 50000/-.Is there any specific law on that by parliament.

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Raj Kumar Makkad (Expert) 03 April 2011
Suit for recovery is filed in such case before competent civil court.

Kirti Kar Tripathi (Expert) 04 April 2011
Yes, Suit for recovery of money can be filed.

Querist : Anonymous (Querist) 04 April 2011
Respected experts,

THANK'S YOU ALL FOR REPLY,

Pliz somebody provide model petition on recovery suit of money.

and who be the competent civil court in case of RS 40000/- and Rs 50000/-.

thank again in advance.

malipeddi jaggarao (Expert) 05 April 2011
Model petition is of no help to you. Your Microfinace Institution has engage an advocate for filing suit for recovery of money in the appropriate court. Consult the lawyer of your Micro Finance Institution.

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