Borrower intentionally not paying bank emi
Raju Ghosh
(Querist) 19 June 2016
This query is : Resolved
Respected sir,
I hv been th e guarantor in SBI for 4 wheeler (Tata mobile) for last 3 years of my brother in law but he intentionally not paying the emi thoug his financilly is sound now the bank has hold my salary account and deducted all the money in my account and showing 200000 as lien ballance but the borroer is not giving any dam to it now sir what legal option do i have to sue the borrower I kno i need to pay the remaining loan if he dont but i must hv some option to sue him so that he can fill sm hit
So sir please guide me and let me know if there is any option,Can i file FIR against him
thanking you sir
Raju
Kumar Doab
(Expert) 19 June 2016
Obtain authenticated copies of loan offer, loan application, loan approval, loan agreement, loan a/c statement, notices sent by lender to borrower, guarantor, lien marked on a/c, amounts set off and approach a very able counsel ASAP.
Devajyoti Barman
(Expert) 20 June 2016
Since you had stood as guarantor of the loan, you are also liable for its payment.
However the bank beofre enforcing the guarantor to pay the loan it should explore all possible measures to recover the amount from the principal borrower.
In your case I am not sure how SBI has attached your salary a/c.
To raise a dispute drag your employer to court to release your salary a/c.
P. Venu
(Expert) 20 June 2016
Yes, recovery from salary account amounts to deprivation of property. No one can be deprived of property except through due process.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 20 June 2016
Loans has to be recovered first from borrower n if he fails to pay then from guarantors. Serve notice to borrower to pay his loan or initiate legal action
Rajendra K Goyal
(Expert) 20 June 2016
The liability of borrower and the guarantor is jointly and individually. Bank can recover from guarantor if borrower is not paying.
If the guarantor pays the loan, he enters in the shoes of lender and can recover from borrower in the same way as lender could have recovered.
Kumar Doab
(Expert) 20 June 2016
Obtain authenticated copies of loan offer, loan application, loan approval, loan agreement, loan a/c statement, notices sent by lender to borrower, guarantor, lien marked on a/c, amounts set off etc etc and approach a very able counsel ASAP.
You need the counsel of a very able counsel to deal with bank and borrower, and your counsel can render considered opinion after examination of all docs on record.
