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83 Notices Issued Against Loan Defaulters To Stop Them From Fleeing India

Thursday, July 25, 2019, 8:43 PM

As-many-as 83 Look-Out Circulars have been issued by the government against promoters of companies who have defaulted on their bank-loans, preventing them from leaving the country, Union-minister Nityanand Rai said. Speaking in the Rajya-Sabha, the Minister of State for Home maintained that immigration-authorities can detain as-well-as prevent any person, including a willful defaulter, from leaving the country against whom an LOC has been issued.
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No Legal Representation For Defaulters In Banks' Proceedings: Top Court

Monday, May 13, 2019, 7:43 AM

The SC has held that a person has no "right" to be represented by lawyer in "in-house" proceedings initiated by banks or financial-institutions to declare him willful defaulters for non-payment of dues. It said that question whether a default was "intentional,-deliberate, and calculated" was the question of fact which can be dealt by borrower or lender and assistance of lawyer was not needed.