SC: Borrowers taking loans for profit not protected under consumer law
The Supreme Court ruled that borrowers are not 'consumers' under the Consumer Protection Act if the loan is for profit-making purposes. This decision overturned an NCDRC order which had directed the Central Bank of India to compensate Ad Bureau Advertising Pvt Ltd for alleged incorrect reporting to CIBIL.
The Supreme Court ruled that borrowers are not 'consumers' under the Consumer Protection Act if the loan is for profit-making purposes. This decision overturned an NCDRC order which had directed the Central Bank of India to compensate Ad Bureau Advertising Pvt Ltd for alleged incorrect reporting to CIBIL.
