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Procedure to recover loan amount when loanee is unavailable
07-Mar-2023 (In Recovery Law)
Hi, loanee is unable to pay the amount tht he owns to a co-operative bank. Amount has accrued interest of over 3 lacs and has been in presented in lower court and then KAT since 2004 onwards. Bank mentioned they are about to proceed with Japti towards gurantor as loannee's address is unavailable. Please provide guidance here.
It is bank's fault that they were unable to obtain correct address of the debtor. However, the bank has a course of action that they can attach the property of the debtor also, they can forfeit his security. Also, if the bank attaches the property of the guarantor then, Bank has the right to attach your property. however, you can sue the principal debtor in case it happens.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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