Legal Question in Banking Law in India
Sir, my brother took a loan of 25 lacs from a bank, where a third party mortgaged his land and building as security, and he was the guarantor too. Some LIC policies of around 4 lakhs and F.D of 1 lakh was provided by my brother as security also. Unfortunately the account turned NPA. Bank noticed my brother and the gurantor also.
Bank has advertised possession notice in the paper during September 2010 about the mortgaged property and simultaneously filed case at DRT during December 2010.
2-3 days back he received summon from the said DRT. The guarantor is also summoned too.and they have asked to report there within 30 days.
Sir, Will my brother have to report there ? If he can't go then what will happen. ? They will take up the matter with the guarantor?
Can they create any harm to my brother? Sir please help.
1 Answer from Attorneys
your brother and guarantor should appear by counsel in DRTand contest the case if they find anything objectionable in the application or proceedings of the Bank. Otherwise try to settle the matter with the Bank.
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