Legal Question in Banking Law in India
Sir, I took a loan of 20 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 me as security also. Unfortunately the account turned NPA. Bank had noticed me 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 I received summon from the said DRT. The guarantor is also summoned too.and they have asked to report there within 30 days.
Sir, If I can't attend then what will happen? Because for some urgent work i am out of station and it will take couple of months to return . Will take up the matter with the guarantor?
2 Answers from Attorneys
you may hire a lawyer and he would handle the matter in your absence.
If you do not appear ,The DRT would proceed exparte agaisnt you . It is advisable to engage to a lawyer to plead your case in your absence.
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