If an nbfc institution for npa then what happened to it's borrower

Lenders can go bankrupt for a number of reasons, though the most common one is that they’ve become insolvent or are closely headed towards that path. Although this may sound alarming, the first thing you need to know is that if you have a loan — whether it’s a personal loan, student loan, mortgage or another type of loan — it won’t be affected by the lender going bankrupt. Your repayment term, interest rate and outstanding balance should all remain the same.

When a lender fails, whether it’s a bank or another financial institution, the first thing that happens is that its assets are sold in order to pay off creditors. Loans and other accounts are considered as part of those assets. That means your account will most likely be sold to another institution, which will then take over and manage your account just like your previous lender did.

Thank you sir

Actually we are one of the manufacturers in ap

We have taken a loan from some x nbfc on 2017

On that time their nach form not activated from that time the x nbfc people taking emi payments through account transfer up to 2020

On 2020 Jan that x nbfc got NPA

From that time they are not collecting emi from our company

On August 2022 that x company take overed by y NBFC

From that we are calling customer care and wrote a letter to nodal officer to that x nbfc

But no one responded

Because of that company our company cibil badly affected

Now the  y NBFC company people asking payment and with huge penalty and they are ready to settle with some waiving

I wants to know that is there any provision to waive of complete penalty and after settlement the cibil also cannot be effected

My contact number

9297686666

If you are desirous of settlement then you may have to negotiate with the company on the terms agreeable for both the sides. 

You can initiate the process and see if the negotiations work,  if not let them approach court where you can settle the matter through ADR or mediation on a compromise note. 

They are not approaching court sir

But day to day they are increasing penalty and our cibil effected and we are not able to get any other loan due to this delay pending days showing in cibil 

Issue legal notice through advocate, asking for settlement.  Then complaint before consumer forum.  

If matter goes to consumer forum,  you can have many opportunities to bargain for lesser penalties or easier terms of repayment.

Generally these kind of matters are settled amicably after issuing legal notice itself.  Do not worry.