Hi,
I am a guarantor in a loan of my nephew. Due to business losses he has lost all his money and can't repay the loan. I am a personal guarantor against the Stock & Machinery which over the time my nephew sold without informing me or the bank.
Bank had filed case for recovery in nominee court which they won "X Party" as we couldn't attend due to some technical reasons. Later when we came to know about it we gave application for restoring the case as we hadn't got chance to present our arguments.
Since the judgement was given "X Party" it was restored and we have got chance to present our arguments. Now the problem is that the opposition lawyer is asking for a Stay on all my properties. Is it legal ?
Bank is at fault in lot of parameters and we can easily defeat them which they clearly know. Hence they wish to harass us mentally by delay the case. If court gives stay orders on our property bank will by all means try to delay the judgement which is what we don't want.
Firstly can a court give such orders while the case is going on ? What's your advice ?
Regards
