Legal Question in Banking Law in India

I was the garaunter of a vehical and the borrower was failed to pay emi, the vehical was surrended by the borrower to the mahindra finance, now the finance company is sending letters to me for clear the dues of rupes 2 lakh fourty one thousand. and the vehical was sold by them before three to four months without informing me. what action can they do according to you. thanks siddesh


Asked on 2/04/14, 7:25 am

2 Answers from Attorneys

They would take several legal actions against you and the borrower to come out the situation you have to take immediate legal action to safeguard yourself. To get the advice in detail , contact with:

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Answered on 2/04/14, 5:06 pm
Sachin Das Pareesseri

Dear client,

The guarantor can not ran away from the reaponsibility. Pressurise the borrower to clear off the debt at first. If failed clear off the finance amd get the receipt from Mahindra, on the same day you ma file a civil suit against the borrower for recovery of moneywith the receipt obtained from Mahimdra finance and additionally file an application to attach the properties of the borrower. For this ou are required to collect the details such as survey nos. 4 boundaries and village the property is sitivated. Also.try to file a police complaint for cheating. It is not easy and virtually impoasible to bluff finance company since they give loans only after ensuring ways to recover. Emgage an Advocate experiemced in civil matters.So do not land in trouble. If you need any clarifications call me on 09387714156 anyime. Reasonable.professional charges are to be paid for clarifications over phone,payment by account transfer.

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Answered on 2/05/14, 12:10 pm


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