Suit Filed Cases & Wilful Defaulters Explained
Reserve Bank of India(RBI) has entrusted TransUnion CIBIL to perform the role of collecting and circulating information on suit-filed accounts & list of defaulters. RBI has also directed banks, FIs & State Financial Corporations to submit a list of all the Suit Filed Accounts to TransUnion CIBIL as well as RBI.
Summary:
Suit Filed cases are petition or complaint, made by banks or notified financial institutions or state financial corporations, to a court that initiates a lawsuit
Suit Filed cases are cases on companies who are wilful defaulters, and Reserve Bank of India (RBI) has classified “wilful” and “non-wilful” defaulters.
It is categorized by RBI for those who deliberately use the banking system to not pay back dues from those who are genuinely fallen on debt trap
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