Borrower absconding after taking bank loan.
achin thakur
(Querist) 15 October 2012
This query is : Resolved
Dear All ,
The case dates back to Mar,03 ,where my father guaranteed his land( authorized commercial center in Delhi) for 1.8 million INR loan with GOVT bank .But the borrower allegedly made him guarantor for loan of 2 million INR for his own land in KHODA ,Noida ( which was unauthorized area ) no registry happens there and and another 2 million against machinery and raw material .( valuation again is under doubt )
On unfortunate day ,the borrower ran away after selling machinery and raw material .The borrower have been absconding for last 10 years now.
Now the land of my father have been taken by Delhi Metro for construction.
Now bank have been demanding 5.8 million plus interest INR from us as we are the honest citizen /guarantor kept on fighting the case.
The hon' high court have agreed my father was a affected party but case have been now shifted in DRT , Delhi.
its now been revealed the land at KHODA never exist as that place never even have a house address number ,the bank never informed the court and us .The bank and borrower have finalized a loan agreement which only existed on loan papers.
Now we are in a very tight position as now bank is claiming all the amount from us
We want to be discharge of gurantee ,
If the loan offered on forged papers of KHODA land will this contract becomes illegal .
Also priory in claiming compensation from Delhi Metro as bank would is trying to settle any figure which delhi metro offers but the market value 30 times more than what was intially when it was guaranteed.
The bank never filed a FIR or complaint against the borrower for machinery and raw material allegedly taken away or sold at local vendors without notice .
To assure we have been abiding the laws from start till now and my father have been unemployed for last 8 years .
We need a justice or justified solution.And suit and compensation against bank of promoting frauds by offering loans to fraudsters against fake land and never try to find /complain against the borrower if possible.
I will be grateful if you can reply us ...
Sudhir Kumar, Advocate
(Expert) 15 October 2012
Who gave the guarantee for a fraudulent loan?
Why it should not be believed that furantor was party to fraud?
If at all FIR is to be filed then why not avaint the borrower and guaantor and bank officials, collectiely?
How your father's land is connected in the deal whether this was mortgaged as a security?
which land is now 30 times more than the cost of loan?
Guest
(Expert) 15 October 2012
The question arises, when there was no land at Khoda and its registered sales deed, how the bank agreed to pay the loan? Likewise there are several other vital question that need to be replied by you and your father before some valuable advice be offered.
In that context, your father's case needs detailed examination with reference to the documents pertaining to the guarantee and mortgaged property given to the bank.
You have, however has not mentioned what the advocate of your father says about the case?
K.K.Ganguly
(Expert) 15 October 2012
Things are not clear to me. Are there two mortgages for two loans? One of the authorised commercial centre at Delhi for Rs.1.8 Million & another for the non existant Khoda property for Rs.2 Millions?
Whatever be may, the property whose documents have been deposited with the Bank by your father as guarantor duly creating mortgage will be sold to realise the outstanding as per SARFAESI Act, 2002. If the land has been acquired by Metro railway, the Bank will lay claim on the compensation to be paid by the Metro Railway to realise their outstanding. The remaining amount, if any, will be received by your father.
If Khoda property does not exist, your father escapes from the liability of paying the loan amount against which the said non existant property was mortgaged.
achin thakur
(Querist) 15 October 2012
Dear Sir ,
I am mentioning everything in complete detail and thanks in advance for your reply.
********************************************
Dear all ,
I am writing on behalf of my father who have given his guarantee towards a loan which was taken against the mortgaged asset in 2003 for borrower who was our tenant as well.
ie. 18 lakhs against commercial land in Delhi( land belonged to my father )
( As per verbal agreement between my father and borrower once the loan is credited he would pay 5 lakhs towards pending electricity and bal. he would consider as a loan and pay in installment to us!...)
20 lakhs against land in KHODA ,near Noida
belonged to the borrower
20 lakhs against machinery and raw material belonged to the borrower.
The borrower had been absconding 3 days after the last two units of loan ( 20 lakhs and 18 lakhs were credited to his account.)
My father was unaware of the fact about that he was made guarantor for last two unit but could not take action as our lawyer said signatures are genuine.
The bank have been asking now the complete amt. of loan plus interest
During the term its being now revealed that land in KHODA is fake and do not exist,which we came to know this year only.
My father was not aware of the same as mentioned above he was not even aware he being made guarantor.
Also ,the borrower have also sold machinery mortgaged locally as well before getting absconded.
My father's land have been auctioned but the bank was unsuccessful could not get any buyer as it was announced a year so earlier in 2001-2002 the land would taken for Delhi Metro.
The borrower had conspired and ran away with the loan amount.
The bank had not even filed any FIR for machinery lost which was mortgaged for loan
Also to inform the KHODA is unauthorized colony with no water and electric meter and GPA is only way of transferring /selling the land.
I need your view can a govt bank can give a loan on machinery ( I had a doubt on valuation just like KHODA land )
Also ,as per bank website they have clearly mentioned they cannot make anybody a guarantor without check his records and creditability ,to add my father did no have a saving account /current account was only having a commercial land as he had closed his business due to losses.
Can we take any action against the bank and borrower and even file FIR against them.
Also what will happen if we find out the machinery valuation is also not genuine and bank acted so casually that they were not even concern the 20 lakhs ! worth machinery have been misplaced .used as mortgaged for the loan .
To confirm the Hon' High Court have confirmed my father have been affected party and fraud have happened against him.
I request for the remedy as we are forced to pay for the fake/fraudulent act that had happened between bank and borrower.
We need our father's land papers back along /right to appeal for compensation for land taken for DMRC from authorized body as designated by Govt.also discharge of surety.
Now the case is pending in DRT ,Delhi as per directions of High court.
Awaiting your reply and thanks to members lawclub India for there efforts in advance.
Guest
(Expert) 15 October 2012
You have repeated the story again just with some slightly additional information. If the HC has decided in favour of your father to have been affected and fraud has been committed against him, better try to prove your point in the DRT. Bank would not hand over papers back to your father without any specific orders of the court.
achin thakur
(Querist) 15 October 2012
Sir
@ Mr Dhingra ,
May I ask what is liabilty of gurantor in events where fake land is mortgaged for loan to a borrower.
The gurantor is not aware of genuineness of land ,the fact which proved in court.
I am sure bank verifies the land and documents attached before approving any loan.
Anirudh
(Expert) 15 October 2012
The fact remains that the bank gave the loan to the borrower, and some person stood guarantee to repay the said loan amount with interest in case the original borrower does not pay.
Prima facie, the guarantor is liable to the bank in case the original borrower does not pay up the loan.
After paying so, the guarantor can sue the borrower to recover the amount.
achin thakur
(Querist) 15 October 2012
Dear Anirudh ji ,
Thanks for the reply but one of the member Mr Ganguly 's post as mentioned above is completely contrary to your reply.
Kindly advise.
* i appreciate your time and reply with complete respect.
Sudhir Kumar, Advocate
(Expert) 15 October 2012
You want to tke aaction aginst the bank. What is the fault of the bank (as a body corporate) if someone took fraudulent loan with connivance ofyour father who was guarantor and with connivance of some bnak official.
If you approach police in all likelihood case will be retered against your father.
Guest
(Expert) 15 October 2012
Dear Achin,
You may need to understand first, who is a guarantor, what is guarantee and what can be his liability, if he stands guarantee for the borrower. A guarantor is one who gives guarantee for a person that the loan would be repaid by the borrower and on his failure the guarantor would pay.
If the bank failed to verify the documents, that becomes a separate case to be proved as such to hold the bank liable for willful neglect of its duties & responsibilities or involvement in fraud in alliance with the borrower. If the court has already absolved your father from being a part of the fraud, or he has been cheated by the borrower in connivance with the bank, your father will have to get appropriate stay orders against the DRT on acting on the application of the bank for recovery from your father. However, please don't mind, the bank may also try to prove wilfull standing of guarantee by your father for a fraudulent person to cheat the bank irrespective f whether the bank verified the title of the land against which loan was granted.
BUT, don't try to mix up the things at one place, as mix up of the cases may only harm the interest of your father.
Guest
(Expert) 16 October 2012
Dear Achin,
In fact, if your father is innocent in the case, you need only solid points for defence to avoid your father's involvement in this fraud case. Yours or your father's perception may be like a layman as compared to that of the experts on legal angle. As I already raised some questions, like, when there was no land at Khoda and its registered sales deed, how the bank agreed to pay the loan? Likewise there are several other vital questions that need to be replied by you and your father before some valuable advice be offered. For that purpose, your case need be examined in detail by some of the experts with reference to the documents in your possession. If you don't want to share complete details through open forum, you can share privately with any of the experts you can rely. If you feel it proper to share the details with me, you are welcome to write through PM or email at: dcgroup1962@gmail.com
K.K.Ganguly
(Expert) 16 October 2012
How did you find my views different from that of Mr.Anirudh? Both are saying the same thing.
To make things short, the following is the case as I understood.
The borrower had taken three separate loans for Rs.18 Lakhs, Rs.20 Lakhs & Rs.20 Lakhs creating three separate mortgages being your father's property, Khoda property & his Machinery respectively.
Now, the Khoda property & the Machinery are bad mortgages for the respective loans of Rs.20 lakhs each. So, the Bank will not be able to recover the outstanding pertaining to those two bad loans.
But, your father's property is a good property which has been mortgaged for the loan of Rs.18 Lakhs. Your father is liable to pay the outstanding pertaining to the said loan of Rs.18 Lakhs only as the guarantor & the Bank can not recover the outstanding of other two bad loans for which your father's property was not mortgaged & he did not stand as the guarantor.
achin thakur
(Querist) 16 October 2012
@Mr.Dhingra
Sir,I thank you for valuable reply ,would try to reach after discussion with my father.
achin thakur
(Querist) 16 October 2012
@ Mr. Ganguly
Sir
As mentioned on the post after your reply yesterday,My father was guarantor to all units of loan.
Guest
(Expert) 16 October 2012
Dear Achin,
You are welcome. Only cautious steps by both, you and your father, can save your father from fradulent move of whomsoever he had fallen prey.
