Personal lone expiree time and proccess to auto convert into npa
metasingh
(Querist) 19 July 2013
This query is : Resolved
dear sir,
my close friend is loan defaulter due to big loss in commodity market from so many banks instedof nationalise banks,all the banks are private and he sold their home and quit from their place on aug 2007,and till now he is not in tuch to any recovery agents and all the loans are personal loan without any asset guarantee.
now after 6 year his chields (2 doughter +2 son)are crossing the age of 27 and he want to marry them in their cast and place there he borrow lone before 2007.but no more fund to complete loans.
in this condition i want to ask any limit to recovery time of loan which to expire? or if he incidently comes in tuch with any banks recovery agent then what the action and will be replyed to recovery agent from my friend.
he loss all the loan ammount in commodity market in 2007 and he unable to pay any more to banks so he want to safe their famely so he is underground and change his identity and make new name of pan and votar id from current place and doing job with their diffrent name and address in a private shop from 2007.
please suggest me for them that what can he do to free from this type of situation?or he can denay for his origional identity from recovery agents?
thanks
yours
metasingh
kanpur
e-mail=metawl@yahoo.com
ajay sethi
(Expert) 19 July 2013
since he has defrauded number of banks they will be after his blood . they must have obtained exparte decree against him . if at all he is getting his children married dont print invitation cards . dont call relatives .
