Legal Question in Credit and Debt Law in India

My son has taken a loan from sbi .total amount Rs2000000.for which he has given mortgage's of one of his bus valuation of which is Rs475000 +Rs 50000 as fix deposit.I am a third party guarantor and have given xerox copy of my building and has signed the agreement.on September 2011 bank has issued notice under SARFAESI ACT to me .At that time the vehical was at garage due to an accident. he went to the bank after getting the notice and had a talk with the manager who helped him and gave him time till January 2012.but it took him till march 2012 to totally update the account (now this account is running advance.he is also having a another account with S B I under CGTMSE scheme where no guarantor is required. This account was running N PA from some time due to some banks problem (not from our side). now bank has send my case to DRT and demanding all amount to close. i have given xerox copy of my house as a third party guarantor and this a/c is running good still they have send it to DRT.can they seize my property,also i am i a big tension please help me. What is the way out of this situation .WU have written many letter's to the bank to restructure the account but of no use. help me please


Asked on 8/06/12, 8:56 am

1 Answer from Attorneys
Somnath mukherjee

The only way out is that you must challenge the 13(2) notice and ask them for ging the details of your account.if they fails to give the same file writ before the High Court. if they serve you a notice under 13(4) then challenge it under sec.17. for deatils please contact with me.

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Answered on 8/08/12, 9:33 am


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