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Himanshu jain (owner)     12 January 2013

Bank guarantee

hello sir, I have taken loan (no mortgage) from IDBI bank for MSME industrial setup by RBI. Due to some economy slow down i am not able to pay the EMIs and my loan account has become NPA . My case also moved to debt recovery tribunal. We have also given bank guarantee (14.5 lacs) to the customs department in a case against customs department. The bank guarantee matter is totally diffrent from loan. In the bank guarantee i have given my residential property papers (50 lacs) to the IDBI bank, the property is in the name of my wife and me. During the time of BG renewal, bank manager told me that they cannot renew the BG of NPA accounts and they invoked the BG. We have talked to the bank manager to release our property papers if we deposite the bank guarantee amount. Now they are not ready to releasae our property papers as they are saying that my loan account is overdue. As the property is in the name of my wife also, my wife also requested the bank to release the papers, but they are not ready. My wife is in no way related to my business and loan. During loan documentation papers i have given my undertaking to create mortgage. Please tell me what i can do to get my property papers released. Thanks



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 2 Replies

Akshay Sahni (Founder/Partner)     12 January 2013

Dear Sir,

We need to go through the papers from the bank and undertsand the transaction clearly before we could advice you on the same.

 

We would be able to help you, for any further assistance please visit our firm's website www.indialawhelp.com

 

Regards

Akshay Sahni

Advocate

Partner

09891982832

RAJU O.F., (Advocate)     26 January 2013

You have stated the matter is pending in DRT. If Customs Dept. invoked the BG, bank will add that amount of dues also by amending the OA. Bank would keep the property under mortgage until settlement of the dues.  If you wish, you may refer the matter for amicable settlement through DRT-Lok-Adalath.


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