Legal Question in Banking Law in India

I am a third guarantor in one of loan which is taken at Gramin Patsanstha. Now that loan account is become NPA. Borrower is not responding. Patsanstha has filed a case against me for loan recovery. They are not trying to contact either borrower or other two guarantors. Now they are saying for producing borrower at court otherwise they will take strong action against me. Borrower is not ready to come at court or not giving his address to Patsanstha. I am not able to repay the loan. I am not having any property. Is it acceptable action from them or what to do?


Asked on 2/03/13, 7:12 am

2 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

YES ..........Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

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Answered on 2/03/13, 10:48 pm
Fca Prashant Chavan Expert Edge LLP

04.02.2013

Dear Sir / Madam,

(Akluj, Mahshiras, Sholapur, Maharashtra)

Please issue a letter to the Gramin Patsanstha providing them with the address of the borrower and the two guarantors (if you happen to know their address) and request the Patsanstha Prabandak to issue summons to the borrower to remain present in Court. The Patsanstha is bound to recover the loan from the sale of assets pledged / secured by the borrower with the Patsanstha.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 2/04/13, 4:17 am


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