Regarding bank can sell guarantor property u/s 13(4)
Kiran
(Querist) 21 December 2015
This query is : Resolved
Mere bade bhai ne ek friend (borrower) k liye bank ko gurantor raha hai aur uski ek property bhi mortgage rakhi hai, borrower ne bhi apni khud ki ek property mortgage rakhi hai. Ab borrower ne loan bhara nahi hai aur bank ne guarantor ko u/s 13(2) notice issue ki hain ki within 60 days may payment karna hai either u r property will sold.
Kya borrower ne liya hua loan uski property bechkar recover nahi kiya ja sakta?
Please help me.
Kumar Doab
(Expert) 21 December 2015
You may approach an able counsel specializing in such/banking/civil matters ASAP and submit your reply.
You may also provide the full contact details and other assets of the borrower to your lawyer.
Act ASAP.
Rajendra K Goyal
(Expert) 21 December 2015
The liability of guarantor is individual and several.
On default of borrower, amount can be recovered from guarantor.
After paying to lender, the guarantor has right to recover its dues from borrower.
