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Sale of property under sarfaesi act of guarantor
10-Feb-2023 (In Banking / Finance Law)
Sir I m a directory in sugar factory . sugar factory went into huge loss . just few days back i hve attented the bankers meeting in which the banker says they will start sealing of guarantory commerical protery first for recovery of laon . what we need to do . even i hve given my personal guarantor . but accourding to me its their first prime duty to sale the factory then comes to personal guarantory or attached property
Sir,
Loan has been granted under a contract, I am sure which you have signed. I need to examine the terms of the agreement. Nevertheless, if you have offered your personal property Bank can proceed against you. However we can definitely put forward the argument that principal borrower, in your case sugar factory has sufficient assets to meet the liability. There are supporting judgement of the High courts and Supreme Court. You can please consult us for further details as this involves serious matter relating your personal properties .
Loan has been granted under a contract, I am sure which you have signed. I need to examine the terms of the agreement. Nevertheless, if you have offered your personal property Bank can proceed against you. However we can definitely put forward the argument that principal borrower, in your case sugar factory has sufficient assets to meet the liability. There are supporting judgement of the High courts and Supreme Court. You can please consult us for further details as this involves serious matter relating your personal properties .
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Adv. N Dinesh Rao
Bangalore | 100+ Answers
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Hi, they would value attached property and properties of personal guarantors. You may not expect their actions according to your assumptions. You may file for temporary injunction according to sarfasi act. It needs detail discussion and back end work from your side as well.
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there is no need to exhaust all the remedy against the borrow er. it is the option left to the bank to go against either borrower or gutantor depending on the net worth
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The obligation of the guarantor runs with that of the original borrower. As such, if the original borrower does not pay the money then it becomes the liability of the guarantor. Hence, the bank can initiate action against the properties of the borrower or the guarantor. If so please contest
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Adv. Anantha Kumar
Bangalore | 100+ Answers
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