Bank agents often harass borrowers when loans are not paid on time. Such events are frequently reported in various media outlets. In a similar instance, the Supreme Court has ruled in favor of the borrower. Additionally, the Supreme Court has directed to file charges against the recovery agency.
Supreme Court Orders Filing of Charges
The Supreme Court remarked that loan recovery agencies of banks appear to be gangs of thugs. These agencies harass borrowers with force. Therefore, if complaints are received against such agencies, the police should take strict actions. The Supreme Court, while hearing a petition from the borrower, directed the police to file charges against the accused loan recovery agency. The bench of Justice Surya Kant and Justice Ujjal Bhuyan also ordered the recovery agent to compensate the aggrieved petitioner.
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Loan Taken by Devashish to Buy Bus
This entire case pertains to Devashish B. Raychaudhuri of Kolkata. According to reports, he took a loan of 1.5 million rupees from the Bank of India in 2014 to buy a bus. The payment was to be made in monthly installments of 26,502 rupees over 84 months starting from December 2014. The bus documents were mortgaged to the bank. Payments were made for a few months, but then they stopped, and the bank's recovery agent initially threatened and later misbehaved with him. Subsequently, the bus was seized.
Devashish B. Raychaudhuri filed a petition in the Supreme Court regarding this. During the hearing, the bench deemed it inappropriate and ordered the recovery agent to compensate him.
