Bank loan-Guarantor
Querist :
Anonymous
(Querist) 12 November 2009
This query is : Resolved
Dear Experts of L C I,
I was a Director( Not Active ) and Guarantor of a loan obtained by a person (A FRIEND)for an industry( In the year 1990). ultimately industry is closed and the Financial institute taken over the industry and auctioned the same ( May be 5 years back). Frankly i did not know all these. And suddenly they started issuing me notices saying some more amount is due, and MD and other Directors are not traceable;and Personals from Financial institute came to my House, Forcibly taken a Check for Rs. 5000.00 ( on 10-11-2007).
Kindly advice me the action to be taken in the regard.
With regards.
Raj Kumar Makkad
(Expert) 12 November 2009
By issuing the cheque two yars back, you have acknowledge otherwise time barred bank/financial institute loan. It would have better if you might have raised hue and cry and police report etc. if they had taken forcibly cheque from you. Wait for one more year. If financial institution starts any recovery proceeding within a period of 3 year of acknowledgment, definitely you shall have to face all the consequences.
Querist :
Anonymous
(Querist) 13 November 2009
Dear Raj Kumar makkad ,
Thank you very much for the reply.
I PROFUSELY THANK THE FORUM IN EDUCATING THE CITIZENS/LAY PERSONS LIKE ME.
This what one should know/persons like me to safe guard their interest.
Thanks once again.
