Hi,
Please advise me.
My Brother took a personal load of 200000/- in 2007 additionally added 15000/- for load insurance. In total he took a loan of 2, 15,000/- and I signed as Guarantor. He was paying the EMI regularly and he expired suddenly on 10th Nov 2009. He paid his Nov 2009 EMI on 6th Nov 2009. After his death, we received the death certificate from the concerned Municipality and it was handed over the Bank officials visited my house in March 2000.
After a long time i.e. in June 2011 we received a registered post mentioning that he has not paid the EMIs hence as a guarantor you need to pay this amount with interest. I rush to the concerned bank and explained entire situation. Till that time bank was not aware that the person who took the load got expired as the Bank official who took the Death Certificate hasn’t handed over the same to Bank.
I got an assurance from that Bank saying that we will update this information and no need to worry.
But suddenly We have received a notice from the court saying that it has been conveterd in "arbitration" case.
Please help me for further proceedings as I am now outside of INDIA. Only my wife and children are there in home and they cannot appear before law.
Please advise me....
Regards,
Krishna
