Whether a Bank can update the CIBIL with the status as Write Off when the case has been assigned to Asset Reconstruction Company and the matter is pending before the Conumer Forum.
Altaf Batliwala (Engineer) 02 December 2011
Whether a Bank can update the CIBIL with the status as Write Off when the case has been assigned to Asset Reconstruction Company and the matter is pending before the Conumer Forum.
There is no bar to show the status of the debt on record, if in the books of the bank the outstanding amount has already been written off. Any case with the ARC or Consumer Forum does not constutute a stay order for the bank to discontinue its usual activities unless stay to specific activity is obtained.
Altaf Batliwala (Engineer) 02 December 2011
In the Complaint before the District Consumer Forum it was prayed that
a) OP should stop charging Late Fees, Finances Charges, etc till the case is decided.
b) OP should stop harassment by Collection Agent till the case is decided.
c) OP should stop reporting to CIBIL till the case is decided.
And the Complaint was accepted by the District Consumer Forum and the notice was sent to the Bank along with the copy of the Complaint.
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