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Recovery of dues by financial institution against personal guarantee
22-Mar-2023 (In Recovery Law)
I am nearing 70 and make my living as a visiting lecturer in colleges. I was running a SSI 20 years ago taking a loan from the State Financial Corporation. The unit was taken over and auctioned by the Corporation for non-payment of dues.Can they recover the balance ,swollen into an exorbitant sum due to compounding, from me now as a personal guarantee provider for the loan? I have no regular source of income nor I own any immovable property. What safeguard I have in case the financial institution moves the court? If the case is pending for the last 15 years, can they revive it now?
Once the bank takes over the property to recover its dues and auctions the property to recover the dues, you are not liable to pay the balance amount. The bank can only recover the amount only by auctioning the property.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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