Legal Question in Banking Law in
A b pvt.ltd has availed loam from a nationalised bank by mortgaging the property belonging to the said company. a & b are the directors of the said company and they have also availed two different loans in their personal name. now a b pvt. ltd wants to repay the loan amount and release it's property. but the bank want to attach the property of the company against the personal loans availed by both the directors. how is it possible?
2 Answers from Attorneys
If the company's property has not been offered as security for the individual loans availed by the directors in their personal names, the same cannot be proceeded against. Nor can it be attached. The company can pay off its loan and get the release of the property. If the Bank refuses, complaint can be made to Banking Ombudsman and or to the consumer forum
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