Legal Question in Banking Law in India

Re: drt -has direted thebank to attach

contact a banking/drt practitioner.

Re: drt -has direted thebank to attach

That is what is called the guarantor in case of non availabilty of funds to pay off the debts by the borrower then the guarantor's role will be started.

Re: drt -has direted thebank to attach

I agree with the views expressed by Mr. J. Radhakrishana

Pravin Vaidya

Re: drt -has direted thebank to attach

The Bank's dues have to be paid. Merely because the guarantor is a senior citizen, bank cannot write off the debt. The DRT was in order in directing attachment of the guarantor's property. Only way is to write and meet the bank people explaining your plight and requesting them to give some concession and settle the debt.

Re: drt -has direted thebank to attach

I agree with the above opinion of Attorney Mr. J. Radhakrishana.

Re: drt -has direted thebank to attach

He can pay of the remaining dues to the bank. That.'s the only way out

Re: drt -has direted thebank to attach

Merely because a person is a senior citizen he cannot escape from the liablity of guarantor. In case your property is sold and amounts recovered, you could consider taking steps for recovering the amounts from the borrower if there is any property. Alternatively you could also find out the details of any other property of the borrower and request the bank authorities to proceed against the same instead of your property.