Legal Question in Banking Law in India
I am a personal Gaurantor for our company which went bad. Can the bank attach my personal property which was not gauranteed and also acquired after the gaurantee was issued. If so, How to come out of this with surrendering this property.
3 Answers from Attorneys
The bank can attach your property by filing recovery application in the Debts Recovery Tribunal. It hardly matters when u acquired the property as long as it is to day your property. You can try selling the property to your trusted relative, before the bank takes recovery action, so long as you are confident that your relative would return the property to you once the bank draws blank after filing recovery application and all that following it.
Under Securitization Act, bank can only take over property of guarantor that was secured, other properties cannot be attached thereunder. However, if the secured property do not meet debts, then they can file suit to include other property to.
Vivek N Mapara
attorney
www.vnmlaws.com
i agree with Adv Radhakrishnan
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