Legal Question in Banking Law in India

Dear Concerned,
The judgment is passed in bank recovery matter by Co-operative Court. In the said case, Principal borrower and one guarantor is absconding. The judgment is passed against one Guarantor to recover the money as contract says liable jointly and severally. The said guarantor is not having any immoveable property in his name. What can be recourse of Bank to recover the said money? What can be recourse available to Guarantor? Does that liability of Guarantor comes on his legal heirs? Can bank go for One Time Settlement and to what amount? Is it discretion of Bank to decide the amount? Or there are any guideline of RBI for that? What action can bank take?
Thanks and Regards,

Asked on 8/30/12, 12:17 am

Aniruddha Pawse Aniruddha.P.Pawse Advocates

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0 attorneys agreed

Best way is to challenge the judgment in higher court or negotiate with the Bank.

Answered on 9/05/12, 3:17 am

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