Loan
mohit
(Querist) 06 September 2013
This query is : Resolved
a loan is taken from the cooperative society.if the borrower of the loan is paying the instalment of the loan amount regularly for the last six months though he was in default previously then can the cooperative society has any right to take the same amount from the salary to the gurantor. What is the remedy available to the gurantor as loan amount is also taken from his salary inspite of the fact that the borrower is regularly paying.
Sudhir Kumar, Advocate
(Expert) 07 September 2013
full facts not stated.
what is term of guarantee
basically there is a defauilt. so gautantor is liable.
now only terms and modalities of loan can tell when/how recovery can be made.
Rajendra K Goyal
(Expert) 07 September 2013
In case of default of borrower, guarantor is liable to pay. If the amount is recovered from guarantor he has the right of subrogation.
Subrogation under Indian Contract Act means stepping into the shoes of the creditor(s). When a surety has already paid the guaranteed debt on its becoming due
R.K Nanda
(Expert) 07 September 2013
state full facts.
V R SHROFF
(Expert) 08 September 2013
After default, bank can collect from G
ajay sethi
(Expert) 08 September 2013
guarantor is liable
RAJU O.F.,
(Expert) 08 September 2013
Even if the borrower is now regularly remitting instalments, if he had still kept in default some earlier instalments, the society is justified of recovery instalments also from the guarantor. Guarantor may request the borrower to make the instalments up-to-date and then ask the society to stop recovery from his salary.
RAJU O.F.,
(Expert) 08 September 2013
Even if the borrower is now regularly remitting instalments, if he had still kept in default some earlier instalments, the society is justified of recovery instalments also from the guarantor. Guarantor may request the borrower to make the instalments up-to-date and then ask the society to stop recovery from his salary.
malipeddi jaggarao
(Expert) 09 September 2013
The Society has every right to recover the overdues from the salary of the guarantor unless the society satisfies with your repayment capacity and reschedule the repayment period at your request.
mohit
(Querist) 06 October 2013
thank you all for the replies...
