Legal Question in Banking Law in India
payment
Please explain how does a bank recover the pending amount (out standing amount in a credit card which is not paid) by way of civil suit. thank you
5 Answers from Attorneys
Re: payment
The Bank will file a civil suit in the court within whose jurisdiction the card holder permanently resides or where the cause of action arises(i.e.) the account is held. Normally the filing of suit will be preceded by a notice of demand by regd.post either by the issuer of the card or its Advocate.
Re: payment
The Apex COurt has directed ICICI to not to use Recovery Agent. Still they are used for recovering the credit card dues . Now new trend of using Gandigiri is there to recover the money . As a last resort sometimes bank also go for Civil Suit
Re: payment
Recovery civil suit
Re: payment
Usually bank starts serving legal notices and then by the way of a recovery suit.
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