Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

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donutjam
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by donutjam » Mon Jan 20, 2020 7:21 pm

It means of there's a judgement in UAE it can be enforced in India.
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personinneed
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by personinneed » Mon Jan 20, 2020 7:55 pm

Is this for only Civil judgement or any judgement? So it means all those who are in India will have to suffer because of this? DOn'tyouworry please clarify. We are worried.
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donutjam
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by donutjam » Mon Jan 20, 2020 8:17 pm

“If a crime was committed here and the default took place here and if the UAE court’s judgment gets automatically recognised in India, it will inhibit people from committing such things here,” he said.

https://www.thenational.ae/uae/courts/u ... l-1.966731

Any court judgement in UAE will now be enforceable in India.
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personinneed
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by personinneed » Sat Jan 25, 2020 9:19 am

Don'tyouworry please clarify. There is a lot of confusion. I think that this new law is applicable only for those who have civil case. But kindly clarify what to do.
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expatuae
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by expatuae » Mon Feb 10, 2020 7:01 am

Legal action to be initiated against those who owe banks Dh250,000 or more...it's a sigh of relief to small time absconders but a pain to those who are actual victims of the lenders and banks' processes.

https://gulfnews.com/business/banking/u ... dSMCD3fz7Q
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samuel007
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by samuel007 » Mon Feb 10, 2020 5:09 pm

This new law is applicable to Credit card defaulters ? I have around 4 credit card owe around AED 100,000 .I lost the job,i couldn't pay back. Will this be a problem.
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Dontyouworry
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by Dontyouworry » Fri Feb 14, 2020 12:48 am

personinneed wrote:
Mon Jan 20, 2020 7:55 pm
Is this for only Civil judgement or any judgement? So it means all those who are in India will have to suffer because of this? DOn'tyouworry please clarify. We are worried.
The new law is of course for any civil verdicts in the UAE which can be executed in India as well on judicial request. This includes court judgement from any Emirate across the UAE on basis of judicial collaboration between the UAE and India. This mutual enforcement of court judgements can affect any defaulter of Indian Nationality irrespective of the defaulted amount as the call is subject to every bank if they wish to prosecute in India. Of course this is something to worry for now until there is any further authentic update of the same.
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Dontyouworry
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by Dontyouworry » Fri Feb 14, 2020 12:51 am

personinneed wrote:
Sat Jan 25, 2020 9:19 am
Don'tyouworry please clarify. There is a lot of confusion. I think that this new law is applicable only for those who have civil case. But kindly clarify what to do.
Yes, it is only for civil court judgements from the UAE and banks have now started filing civil cases irrespective of the liability even if it is costing them a huge court fees. It still does not apply to every defaulter as it totally depends on the bank’s decision.
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restituto
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Re: Agreement regarding UAE and India Yesterday regarding loan defaulters fleeing to India from UAE

Unread post by restituto » Fri Feb 14, 2020 3:32 am

Dontyouworry wrote:
Fri Feb 14, 2020 12:51 am
personinneed wrote:
Sat Jan 25, 2020 9:19 am
Don'tyouworry please clarify. There is a lot of confusion. I think that this new law is applicable only for those who have civil case. But kindly clarify what to do.
Yes, it is only for civil court judgements from the UAE and banks have now started filing civil cases irrespective of the liability even if it is costing them a huge court fees. It still does not apply to every defaulter as it totally depends on the bank’s decision.
How much percentage of the defaulted amount is the court fee?
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