https://www.taxtmi.com/news?id=4226 Designation and reporting framework for willful default defines it by capacity to pay coupled with diversion or siphoning of funds, misuse of borrowed funds, or unauthorised disposal of charged assets. Banks and credit information companies maintain and share lists of suit-filed and non-suit-filed willful defaulters to restrict capital market access and prohibit extension of additional facilities. Lenders are required to initiate legal or criminal proceedings, pursue foreclosure and recovery, and may use statutory remedies including enforcement under the SARFAESI framework, recovery tribunals, and Lok Adalats. en-us Fri, 07 Dec 2012 19:03:36 +0530 Fri, 07 Dec 2012 19:03:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4226 Designation and reporting framework for willful default defines it by capacity to pay coupled with diversion or siphoning of funds, misuse of borrowed funds, or unauthorised disposal of charged assets. Banks and credit information companies maintain and share lists of suit-filed and non-suit-filed willful defaulters to restrict capital market access and prohibit extension of additional facilities. Lenders are required to initiate legal or criminal proceedings, pursue foreclosure and recovery, and may use statutory remedies including enforcement under the SARFAESI framework, recovery tribunals, and Lok Adalats. News - Fri, 07 Dec 2012 19:03:36 +0530 https://www.taxtmi.com/news?id=4226