I have 2 properties at Chennai. I work for a company at Bangalore. I had taken a loan from the company i work and closed my housing loans with bank and gave the property papers to my company. My property was then given to my companies bankers along with the property papers of my companies directors for availing a credit limit from the bankers. Now the company is in default and have not repaid the loans. I have been issued a notice. I met the bank officials and explained to them that i am not a director to the company and i am only an gaurantor. They have informed me that I need to pay the amount equal to the current value of the property and they can free me of all the liabilities.
Now how to get the amount from my employers for the amount i pay to the bankers. My employers seem to have the money and have told mr that they will release me from the problem. Please advise how i can take the money and in the possibility of them refusing to pay what is the options available to me.
