Legal Question in Banking Law in India

A loan against property (LAP) was availed by my ex company in 2013 of which I too was a director. House properties of all three directors was mortgaged for the purpose. All three of us signed the loan papers as borrowers and guarantors (in my case my wife signed as guarantor since our house is in my wife's name). Subsequently I had to resign from the company in 2014 due to disputes. I went to Company Law Board to get my house property released and also some other dues. An out of court settlement was arrived at whereby I received some of the dues from the company and also company got the title deed of my house property released from the bank. LAP is continuing and houses of other two directors are still mortgaged.
Am I (as borrower) and my wife (as guarantor) entitled for a no dues certificate from the bank.

Asked on 4/30/16, 10:43 am

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1) Issue notice to the bank ur retirement from the company.

2) Ask ur bank to discharge both of u from the debt.

3) The company may mortgage separate additional collateral

security if the property under mortgage after ur withdrawal is

adequate.

Answered on 5/04/16, 2:15 am

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