Sarfacie act
Vinod Kumar P.R
(Querist) 02 September 2022
This query is : Resolved
Partners property and guarantors property hypothecated with the back to avail loan for the firm. Bank take possession of the property as per Surfacie act. Value of the property of the partners is more than the dues. Still bank initiated steps to attach and sell the property of Guarantor. Please advise
kavksatyanarayana
(Expert) 02 September 2022
If the firm partners do not pay the amount, then only it affects the property of the guarantors. As per your query, if the value of the property is more than the dues, then the authorized officer may not touch the property of the guarantors.
Advocate Bhartesh goyal
(Expert) 03 September 2022
Bank can recover due loan amount and accrued interest from anyone either from borrower or guarantor but when bank has attached borrower's property than first bank will initiate proceedings to sell borowers property and adjust the sale consideration amount in due loan amount and if in case the sale consideration amount is less than the due loan amount than bank can initiate proceedings to attach and sell guarantors property, else not.
Dr J C Vashista
(Expert) 05 September 2022
Whether the partners of firm have unlimited liability ?
Whether the partners are borrowers or guarantors ?
How much is outstanding amount of the Bank and what is value of hypothecated property for recovery ?
It would be appropriate to consult and engage a local prudent lawyer for better analyses of facts/ documents, professional advise and necessary proceedings.
P. Venu
(Expert) 09 September 2022
The guarantees have the option to approach the Debt Recover Tribunal.
