Hide the vehicle, run to the courts... But remember, you defaulted, and you ‘have’ to pay back!

Going by the All India Debt and Investment Survey, nearly 1/4th of the Indian households were indebted in 2002. Figures that have gone upwards in the recent years with bank credit to household and consumer durables growing by over 50% during 2001- 2006. Expectably, the growth of loan recovery related complaints went up by 34% during 2003-2005.

But then, what do you do when Shylock comes a calling? Well, as they say amusingly in banking circles, you can’t run, but you can surely hide! Taking in view the recent judgments meted out by the courts on the scores of loan recovery cases, one can aptly say that contemporary recovery methodologies have not gone down too well with the judiciary in the past few years.

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Source : IIPM Editorial, 2006

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

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