Legal Question in Banking Law in India
Dear Sir I want to know that can bank file a civil suit for shortfall amount of repossession vehicle to guarantor or borrower
How can guarantor act guarantor doesn't mortgage anything
Kindly reply thanks and regards
Asked on 12/24/14, 9:59 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
25.12.2014
Dear Sir / Madam,
Yes, Bank can file a civil suit for shortfall amount recovery on repossession and sale of the vehicle belonging to the borrower. The recourse to the guarantor is to persuade the borrower to settle the shortfall amount to the Bank.
Regards,
Answered on 12/25/14, 4:55 am
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