Default on a bank loan
sam
(Querist) 08 January 2015
This query is : Resolved
if a partnerhip firm(two partners) XYZ has taken a limit of 30 lakh from nationalized bank pnb, n wife one partner has given her property as a gurantee, n partner got deceased. now the firm defaulted on the loan of 30 lacs. what is the liability of the wife of the deceased given her land as gaurantee and the live partner in the firm.
how the wife of the deceased can save her property if this is the only property she has. ?
1.partners are two different person, wife is gurantor of one partner.
2. they have withdrwan whole limit i.e. 30 l
3. what if the value of plot given as a gurantee is not of worth 30 l ?
4. what is OD account ?
5. loss and the non presence of stock can be reson for default.
6. is the other partner is liable at any stage or not ?
7. there is a provision that government cannt sale single property of widow can be used and if used then who will be liable to pay the loan ?
Dr J C Vashista
(Expert) 08 January 2015
Incomplete information.
1. Who are those partners, husband and wife or XYZ?
2. Partnership firm is registered or not?
3. How much was the loan taken out of limit of 30L and defualted amount?
4. What were the reasons/circumstances for default?
5. In order to save property from being attached/auctioned the said wife has to satisfy the OD account.
6. Consult a local lawyer and proceed as advised.
Devajyoti Barman
(Expert) 08 January 2015
The guarantor would be liable if the creditor fails to pay the loan amount.
Rajendra K Goyal
(Expert) 08 January 2015
The guarantor is liable to pay loan if the borrower is no paying.
Guest
(Expert) 08 January 2015
The Guarantor'Property provided as security would go to the control of Bank For Non Payments.Make attempts for One Time Settlement for which the Banker would Consider waiver of Interest to their Level best.Discuss with your people and sort it Out.Other wise the Property would be in Risk.
Advocate Bhartesh goyal
(Expert) 08 January 2015
Both borrower and guarantor are liable to pay the due amount with interst to bank.
malipeddi jaggarao
(Expert) 08 January 2015
No chance. The Bank has its right to go against the borrower, or guarantor or both to realize its dues. Since the property is mortgaged, the Bank will prefer to go for SARFAESI ACT and bring the properties for sale. If business is closed due to demise of the partner, the firm can make a request for some remission in the interest asking for one time settlement. Banks will not agree normally as the property is available to it.
ajay sethi
(Expert) 08 January 2015
agree with MR Jaggarao
SAINATH DEVALLA
(Expert) 12 January 2015
Dear Sam,
Can u just specify why any financial institution makes collateral security or a guarantor mandatory while sanctioning a loan?
T. Kalaiselvan, Advocate
(Expert) 12 January 2015
The opinions of expert Mr. Malipeddi Jagga Rao appears to be more suitable.
K.K.Ganguly
(Expert) 13 January 2015
1. The Bank will initiate SARFAESI Proceeding and will sell the mortgaged property after taking possession of it and realise the outstanding loan amount of the firm,
2. If te sale proceed is less than the outstanding amount, then the Bank will file O.A. before the DRT who will realise the balance amount by arranging to take possession of and sell of the other assets of the partners of the borrowing firm.
