Loan closure from co-op bank
Querist :
Anonymous
(Querist) 05 May 2011
This query is : Resolved
I was a guarantor along with 2 others in a loan case of my brother which was taken from a co-operative bank in Maharashtra. Since my brother was not able to repay the said loan and he was not in touch with anyone of us, we guarantors, finally managed to repay the entire loan amount with interest to the bank as per the bank's settlement policy. Now, after repaying the entire amount, the bank is not giving us the 'Loan clearance certificate, nor it's giving us an 'NOC' to cancel the attachment to our properties! The Bank initially asked us to surrender our individual shares back to the bank by personally visiting the Bank H.O. only! Whereas, we have sent such written request for surrendering our shares to the bank by registered AD. Only my brother, the main loan applicant is not available nor in touch with any one of us for surrendering his shares back to the bank.The bank is deliberately avoiding our plea for giving us the Clearance and NOC, by asking for my brother to be present personally to surrender his shares to the bank! I smell something fishy in this matter, as the bank has recovered the entire loan amount from us, the guarantors and now they have to give us the clearance certificate as well as free our properties from their attachments on 7/12 extracts! I request the legal opinion on the issue by experts.
Regards
abhay dholakiya
(Expert) 05 May 2011
i think u have to file suit aginst entire bank first u ask bank via a legal notice why bank should not given u legal clearence though bank had recovered all amount of loan from u and if bank cant give proper answer you may file suit aginst bank in civil court or also in consumer forum
Isaac Gabriel
(Expert) 11 May 2011
Surrendering of shares has no connection to the loan closure.If you are having the loan pass book,you can legally proceed to get the documents released, or raise the dispute with the Registrar as per the coop.societies Act.
