Legal Question in Banking Law in India
We three shops has took a loan of 2 laksh each from State bank of Travancore on mutual guarantee . Of which i have paid and closed my loan amount. other two failed their dues and bank has intiated Revenue Recovery and recived notice against me too. Please advice if i get any protection from this revenue recovery or i can file a case against the other two. Or will bank recover the amount from the defaulters first (they have money and property)
Asked on 12/09/14, 10:54 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
11.12.2014
Dear Sir / Madam,
The Bank has recourse to recover the loan amount from the borrowers. Only in the event that the borrowers are declared insolvent, does the Bank have recourse to approach the guarantors for settlement.
Regards,
Answered on 12/11/14, 2:32 am
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