Upgrad LLM

loan not paid being threatened for property sealing


Hi.
I need a guidance to tackle recovery goons.
I taken 2,00,000 ( two lacs ) Unsecured Business Loan from NBFC lender. On 05/03/2019 I paid there 6 EMI on time and failed to Pay
Nov&Oct EMI i requested them to give me time but they are entering my property when there are no men's in home and cross questioning Ladies.

I have provided them only Cheques & ( KYC & Statement )
Today they had came to my premises i was not there but they said that they are valuing this property (Shop and House) and selling this out soon ( No Notice was given for the same ) because in agreement they have mentioned it's my own house so they said they can seal & sell it without authority notice or court summons.
And the House & Shop belongs to my grandpa he's no more.

They said later they will seal all the shop items and sell it down.

I have not paid their two EMI and Loan amount is 2Lacs how can they take such action without Notice? And how can they be such rude ?

I understand i have taken loan that i have to repay but because of business downfall and personal problem i am not able to pay any EMI for atleast next 3 months but when i have not mentioned any property papers in this ( because i dont have one ) how can they book it under agreement mentioned as it's Own House?

I need help for lawyers ( to talk with them and handle this )
 
Reply   
 
Retired employee.

Contact a local advocate for proper guidance.  You have tasted their ways of recovery and how your default brought family members as targets for such goons and the loss of social prestige of your family in the locality.  Whether the property was offered as security or not, lender can attach that property through court for recovery proceedings.  The only advice you can expect is that liquidate that borrowing through some other source and have peace of mind and never drag the guarantor and your family members as targets for your default.

 
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Lawyer

It is advisable to consult a local prudent lawyer with relevant facts/documents for appreciation, guidance and proceeding.

 
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Advocate

In spite of your default, the NBFC cannot take law into their hands. They are liable for criminal action.

 
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