06 · Banking, Finance & Insurance
Loan Recovery Matters
Loan recovery matters concern recovering, or defending claims for, amounts due under loans — from banks, financial companies or private lenders.
What this covers
- 01Recovery notices and responses
- 02Recovery suits
- 03Guarantor liability
- 04Settlement and restructuring
- 05Recovery of private loans
How it generally works
The forum depends on the lender and the amount. Banks and financial institutions use the Debt Recovery Tribunal for larger claims; private lenders generally file civil suits, often under the summary procedure.
A guarantor's liability is generally co-extensive with the borrower's, unless the guarantee says otherwise.
Claims must be brought within the limitation period, which can be extended by a written acknowledgment of the debt.
