( i ) Applications for Factoring facilities and their processing
(a) The Application Form prescribed by Bibby Financial Services India Private Limited (hereinafter referred to as "Bibby") to be submitted by the applicant client for sanction of Factoring facilities includes the necessary information which may affect the interest of the borrower, so that a meaningful comparison with the similar terms & conditions offered by other Non Banking Finance Companies (NBFCs) can be made and informed decision can be taken by the borrower. The Application Form also indicates the documents required to be submitted along with the Application.
(b) Bibby will give an acknowledgement for receipt of Applications from the prospective clients. Upon receipt of the complete information/documents, Bibby would indicate the time frame within which the said applications would be disposed i.e. within 15 days of receipt of complete information/documents.
( ii) Factoring facility appraisal and terms/conditions
Bibby conveys in writing to the prospective clients by means of a sanction/offer letter, the amount of the Factoring facility limit sanctioned along with all the terms & conditions including annualized rate of Discount and method of application thereof. Acceptance of the sanction/offer letter from the borrower is kept on Bibby's record. Bibby will provide the borrower with a copy of Factoring Agreement and its enclosures at the time of disbursal of Facility.
(iii) Disbursement of Factoring facility including changes in terms & conditions
(a) Bibby will inform its borrowers about any changes in terms & conditions of the Factoring facility including disbursement schedule, interest/discount rates, service charges, prepayment charges etc. prior to effecting such changes.
(b) Decision to recall/accelerate payment or performance under the Factoring Agreement will be in consonance with the Agreement.
(c) Bibby will release all securities of its Borrower only upon repayment of all dues by such Borrower, or realization of all the outstanding dues under the Borrower's accounts, subject to any legitimate right or lien for any other claim which Bibby may have against the Borrower. If such right of set off is to be exercised, the borrower will be given notice about the remaining claims and the conditions under which Bibby is entitled to retain the securities till the relevant claim is settled/paid.
( iv) General
(a) Bibby will refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the Facility agreement/documents unless new information, not earlier disclosed by the borrower, has come to the notice of Bibby.
(b) In case of receipt of request from the borrower for transfer of borrower account, the consent or otherwise i.e. objection(s) of Bibby ,if any , will be conveyed within 21 days from the date of receipt of request. Such transfer will be as per transparent contractual terms in consonance with law.
(c) In the matter of recovery of dues, Bibby will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of dues, etc.
(d) In the event of any dispute arising out of the lending decisions, such clients can address their grievances to GrievancesRedressal@bibbyfinancialservices.com.
(e) The Board of Directors will periodically review the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of the Management. A consolidated report of such reviews will be placed before the Board of Directors at half yearly intervals.