Legal Question in Civil Litigation in India

Respected sir/madam,

I,prabhakar,a govt.school teacher,gave surety to a fellow at sreeram fin. Now the borrower absconded.he took 6 different loans from the same firm,among that there is a mortagage loan of rs.8 lac and the property value is about 30 lac.now can we defend with the loan firm to recover their entire loans by the property,which is under mortatage at them?.we gave surety to trade loan and personel loan.all the loans are at the same firm and same branch.is they can provide so many loans to a single person.who is even not a income tax accessee?


Asked on 8/19/11, 1:11 am

3 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

Yes you can do that by asking finance company to sell the mortgaged property to recover it dues and loan.

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Answered on 8/19/11, 2:10 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

yes money can be recoverd by selling the mortgaged property

surety is last resort when no security is given ... though they can ask u to pay in case total amount of money is nt recovered

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Answered on 8/20/11, 3:03 am
Sanjay. K. Dixit, Advocate. Sanjay K Dixit, Advocate @ Karnataka Bar Council Enrolement No: "KAR/898/2007"

Dear Sir,

Please talk to the manager of that finance Cos., if possible ask them set off the mortgage property in order of their money realization.

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Answered on 9/07/11, 12:52 am


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