Co operative
raghavendra
(Querist) 20 March 2012
This query is : Resolved
sir,
i have taken 20000 loan from cooperative society , i have given 2 surety for this and i have not repaid the amount , in the year of 2003 order passed against me to pay 30000 with interest , i have not paid due to some problem
now garnishi order has passed against one of surety , and ordered to deduct the loan amount from her salary and already 2 instalments has been deducted , now that lady surety want to file appeal before KAT ,
i vl pay the outstanding amounts but now for 20000 they have calculated rs 60000/- which is not accceptable
can this appeal stand ,
can i get stay against the that garnishi order ?
just last week only i got the certified of main order , can my appeal admits beyond limitation ,
ajay sethi
(Expert) 20 March 2012
you want to fil e appeal against main order ie order passed in 2003 . what were you doing for 9 years?
if you dont pay outstanding dues interest is bound to rise. court must have passed order to recover rs 20,000 with interest .
approach cooperative society for settlement . they may waive off partof interest
please note libaility of principal debtor is coextensive with that of gurantor . since you ahve failed to pay society is recovering its dues from surety .
Raj Kumar Makkad
(Expert) 20 March 2012
There is no other solution but to offer one time settlement and negotiate with the society to waive what can be done within their limits.
Shonee Kapoor
(Expert) 20 March 2012
No appeal is maintainable now.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Isaac Gabriel
(Expert) 21 March 2012
I presume it is a personal loan,where the sureties are liable if the borrower failed to repay.Interest would have been accumulated for non-repayment for the last six years.You are bound to repay the amount as worked out by the socciety.
