AUTHORIZE INDIVIDUAL OR JURIDICAL PERSON TO PARTICIPATE IN LEGAL PROCEEDINGS
On May 15, 2018, the Council of Judges of the Supreme Court issued the Resolution No. 03/2018/NQ-HDTP guiding the implementation of certain regulations in settlement of dispute over settlement of non-performing loans (NPL), collateral associated with non-performing loans at People’s Court.
Accordingly, dispute over obligation to transfer collateral associated with NPL means a dispute over the case that the debtor or collateral holder fails to transfer the collateral to the secured party or the holder of right to sell the collateral; or transfer the collateral to them unsatisfactorily with their request.
The Resolution details the dispute over settlement of NPL, collateral associated with NPL being settled under reduced procedures and lawsuit petition, submission and acceptance of lawsuit petition in terms of settlement of NPL, collateral of NPL under reduced procedures.
For a juridical person is entitled to authorize another juridical person or natural person to file a lawsuit at the competent court to settle a dispute over settlement of NPL or collateral associated with NPL.
The authorized natural person or juridical person may re-authorize to another natural or juridical person to participate in the legal proceedings if the authorizer gives a consent in writing.
This Resolution takes effect on July 01, 2018 to August 15, 2018, 2022.
