Legal Question in Credit and Debt Law in India

I am a guarantor of a used commercial vehicle loan offered by one NBFC, India. The borrower has defaulted the repay after paying about 6 EMIs and the vehicle has been repossessed by the NBFC.

NBFC is claiming some 7 lacs dues after auctioning the repossessed vehicle.

Kindly note that, while signing as a Guarantor, I have mortgage mine residing plot/land/property.

Now the borrower is not in a state to repay the claimed amount. What legal action can be enforced on me in this scenario. Will the NBFC can book my property or file a case against me on lieu of the borrower can't repay the dues.

Please guide me what to do? Shall I take help of Consumer Court or Law board to sort out the issue.


Asked on 11/04/10, 1:55 am

1 Answer from Attorneys
Rashmi Bhatia Sangare Private Practise

Contact a good advocate

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Answered on 11/11/10, 9:09 pm


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