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Attachment of property if loan not paid. Can bank again trouble the
09-Feb-2023 (In Banking / Finance Law)
I had taken Cash Credit loan against stock from bank but could not repay the same. Bank approached cooperative court and attached family property of 29 . Against my name in property card in municipal it written japti from Co-op bank. Can Bank again ask for repayment of loan.
CERTAINLY WHEN THE BYE LAWS PERMIT,AS PER BYE LAWS OF THE SOCIETY, YOU CAN PROCEED AGAINST GUARANTORS. THE FIRST STEP IS TO ISSUE LEGAL NOTICE TO THEM THROUGH YOUR SOCIETY LEGAL ADVISOR,OR HIRE A LAWYER IF YOU DONT HAVE A LEGAL COUNSEL. AFTER THE EXPIRY OF TIME GIVEN IN THE LEGAL NOTICE IF THE GUARANTOR DOES NOT RESPOND , YOUR LEGAL COUNSEL HAS TO GET COURT ATTACHMENT AND RECOVER DUES BY AUCTION SALE OF GUARANTOR'S PROPERTY. IF THE BYE LAWS DONT PERMIT TO PROCEED AGAINST THE GUARANTOR( NORMALLY THE BYE LAWS PERMIT) OR GUARATOR HAS NO PROPERTY TO BE ATTACHED OR IF HE IS ALSO ABSCONDING, YOU CAN WRITE OFF AS BAD DEBTS NOT RECOVERABLE AND ADJUST AGAINST RESERVES FOR BAD DEBTS ( CONSULT YOUR SOCIETY BYE LAWS AND YOUR AUDITORS FOR PASSING NECESSARY RESOLUTIONS AND PASSING BOOKS OF ACCOUNTS ENTRIES ). THIS IS THE FINAL ACTION WHEN THERE IS NO COURSE OR HOPE OF RECOVERY OF A LOAN BY ANY
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Adv. Veena Bane
Mumbai | 100+ Answers
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