Legal Question in Banking Law in India
my father and i taken two different loan in a bank he paid the loan fully and taken his title deeds i took the loan under cgfsi govt scheme my unit become sick and become npa now bank filled a case in drt adding my father as a guarantor in my loan now what to do?
3 Answers from Attorneys
please appeal to the Bank for rephasement of the repayment Schedule. If your father is a guarantor for your loan he is also liable to be proceeded against and if he has not mortgaged his property, the Bank may attach the same. Try for a settlement.
yes telling your status and talking for settlement will help ...
The bank would not make your father as a guarantor till you had asked the bank to make him the guarantor and subsequently sighed the agreement to that effect by you and your father . Please clarify.
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