You took out a loan with good intentions to pay it back but your unforeseen financial problems such as job loss medical emergency or business struggle made you miss some EMIs. When borrowers fail to meet repayment obligations the bank or NBFC chooses to file criminal charges which include Sections 420 (cheating) (now Section 318 of Bhartiya Nyay Sanhita, 2023) and 406 (criminal breach of trust) (now Section 316 of Bhartiya Nyay Sanhita, 2023) of the Indian Penal Code (IPC). These criminal offenses fall into two categories since they are both cognizable and carry non-bailable status that allows law enforcement to arrest and deny bail permission to suspects.
Read More: https://www.vidhikarya.com/leg....al-blog/are-banks-no
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