Legal Question in Banking Law in India

Dear concern,

We were un-infromed of My father being a guarantor in a bank loan of X-party.The x-party defaulted.

As soon as my mother & me came to know,we filed a case against my father,for being a gurantor without informing us & taking our house from him,as it was our fore-fathers passed on property & not my fathers own property.

Now,the property is in the name of my mother & myself.

My father passed away.,we are receiving notices from the bank,as being the legal heirs of my father.

We have replied to the bank,attaching proper documents.

What are the likely consequences?

Pls advice.

Thanks & Regards

Asked on 6/15/13, 1:40 am

3 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP

15.06.2013

Dear Sir / Madam,

You should persuade the bank to recover its overdues from the borrower's assets. As the legal heirs of the guarantor, you remain liable for settlement in the event of the borrower's failure to repay the entire overdues of the bank.

Regards,

Read more
Answered on 6/15/13, 5:32 am
muhamed mustaque mk associates

if your father doesnt have any right in the property u can defend any action against property , however if your father is having any fractional share they can only proceed against that portion of share alone

Read more
Answered on 6/16/13, 12:08 am
Yash Kumar Yash Kumar & Co.

you should file injunction petition restraining bank from taking the possession of your property.

Read more
Answered on 6/17/13, 12:20 am


Related Questions & Answers

More Banking Law questions and answers in India