MICAN decries land forfeiture of loan defaulters
Source: Chronicle News Service

Imphal, January 25 2025: Pointing Out that the conflict raging for over 21 months is having serious impact on economic activities, Meitei International Civic Action Network (MICAN), Imphal appealed to banks and financial institutions to cease forfeiture of land under the pretext of loan defaults amidst the conflict.

In a release, MICAN said that several lives have been lost, thousands displaced and economy slumped due to the on-going conflict.

In such situation, individuals and firms doing business could not repay their loans and EMIs in time.

Under the pretext of loan default, some banks and financial institutions are forfeiting the residences and land properties of loanees under SARFAESI Act and have issued notice for auctioning the same.

Such acts of financial institutions amidst the troubling timesis unfortunate, the release said, appealing to halt such processes immediately.

MICAN has no issue with financial institutions engaging in discussions and reaching an agreement with borrowers to support their best efforts in repaying the loan.

However, forfeiting of land and property under the pretext of default in such situations is entirely unjust, it added.

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