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Courts object to a settlement arrived at between the borrower and the Creditors ? Though the subject matter has been settled many times, in many forums and on many subject, but it keeps cropping up again and again putting the parties to protracted litigation.
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Law provides filing of debt recovery suits upto 3 years of signing an AOD and upto 12 years in case of mortgages. Another law enjoins Banks to declare an account as NPA within 90 days of its default and start imposing penal levies. Is it time to harmonize these two laws and save the borrower the burden of paying usurious levies? Time to discuss!