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NITESH KUMAR SINHA (Self Occupied)     21 August 2020

Stop the payment of nbfc

One of Our Client  has taken a loan from NBFC Company and since the last six months installment is going through ECS from Our Client's SBI Bank Account.

 Now the builders Company is under corporate insolvency resolution process at NCLT.

Our Client wants to stop the ECS from his SBI Bank account immediately, when our client approached the SBI to stop ECS , the Bank refused it, and demanding NOC from the NBFC who has given the loan to our client.

Please suggest how to stop the ECS from Our Client's Bank Account.



Learning

 1 Replies

{Balu manikantan} SUBRAMANYAM (Practising Advocate)     22 August 2020

The insolvency resolution process is immaterial. You are bound to pay the monthly Installments. You cannot Unilaterally stop the ECS instructions.


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