India  |  Banking Law

Legal Question

Asked on: 9/24/13, 3:39 am

Sir , my friend has borrowed a loan amount of 1.5 crore from d bank over a property worth 3 crores . I hav given my home worth 50 lakhs as an additional guarantor ... Since my friend dint pay d loan amount , d bank is about to bring d properties for auction ... Now my question is , can d bank auction d guarantor property(50 lakh) without bringing the main loan property (3 crore) into auction ? Aren't they supposed to auction d main loan property first n then bring the guarantor property for auction and that too only if they are not able to recover the loan amount after selling the main loan property?

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