Legal Question in Banking Law in India

I became a guaranter for a pmegp loan.now the loan taker not paying emi. So bank possessed the house of that Person. And preparing to sell the house of the loan taker. But bank seized my gold in the bank I paid all the gold loan amount. But not giving my gold back what can I do


Asked on 2/08/17, 8:49 pm

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

09.02.2017

Dear Sir / Madam,

You should ask the Bank in writing to substantiate their claim on retaining your gold jewellery with actual facts and figures. Reaffirm your stance by asking the Bank to provide factual evidence that there is a shortfall in recovery of their loan dues from the borrower despite auctioning the borrower's confiscated flat and the follow up action that the Bank has initiated against the borrower to ascertain his / her insolvency.

Regards,

Read more
Answered on 2/09/17, 12:32 am


Related Questions & Answers

More Banking Law questions and answers in India