Warning! Credit card companies can drag you to court for unpaid bills, loans as small as Rs 10,000
The central government is considering bringing individuals as well as partnership firms under the Insolvency and Bankruptcy Code (IBC). So far, only corporate debtors can face the bankruptcy proceedings initiated by the banks. “We are recommending that it (amount in case of individual loans) should be made Rs 10,000,” said Ministry of Corporate Affairs (MCA) Secretary Injeti Srinivas.
Soon, the credit card companies will be able to drag the individuals to courts over an unpaid bill or a personal loan of as little as Rs 10,000. Image source: Reuters