Recovery & Legal Activities
The main interest of the Corporation is to recover the outstanding dues as well as to encourage the borrowers to fulfil their commitment as entered in the agreement. Hence with a view to fasten the recovery of loan accounts, the following steps is normally taken :
- Regular sending of Demand Notices
- Discussions / Interactions with the borrowers on problems faced pertaining to the functions of their units and prevail upon the borrowers / guarantor to repay the loan
- Depending also upon the merit of the case, the Corporation has also resorted to a “Settlement” Scheme with the defaulting units as hereunder:
- By Adjustment 40 : 60 towards Principal and Interest respectively
- By waiving the Interest account
- Despite the above, if the borrower still neglect or wilfully fails to response for repayment, demand notices etc were served as a final options so that further steps can be taken in order to realize or recover the overdue amount.
- Serving of Pleader’s Notices
- Filling suits in both Bakijai Court, ADC Court etc
- Enforcing of Section 29 of SFC ACT 1951.