AKHILA MOHARANA 07 November 2015

Co-operative Bank Guranteer harassed for a NPA.

Plz help me....I am a guranteer for a commercial vehicle loan in Urban co-operative bank. The principal borrower has left the town with a NPA of ₹ 2.0 laks. Bank has blank post dated cheques from him. Cheque bounce case is pending against the borrower. Since last 8 years bank has started recovery from my A/c. Can I apply for OTS? What will be the interest rate? Is there alternate method to get back the money? Borrowers address is known.

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Vijay 09 November 2015

Yes definitely .... If u r a guarantor u don't need to pay. But have to see the case to give final answer. Mail me on first1meridian@gmail.com

NANDKUMAR B SAWANT (ADVOCATE./LAWYER) 03 November 2016

KINDLY NOTE THAT.

1. YOU MAY SEND A LEGAL NOTICE TO THE SAID COOP.BANK AND DEMAND ALL RELEVENT CASE PAPERS AND COPIES OF ALL DOCUMENTS OF LOAN OBTAINED BY THE BORROWER.

2. IT SEEMS THE SAID BANK MUST HAVE OBTAINED A RECOVERY CERTIFICATE FROM DY.REGISTRAR COOPERATIVE HAVING AREA JURISDICTION. YOU MAY GET THE COPY OF SAID RECOVERY CERTIFICATE AND APPROACH THE APPELLATE COURT /HIGH COURT FOR STAY AND QUASHING OF SAID RECOVERY CERTIFICATE AND MAKE THE BORROWER AND BANK AS THE RESPONDENTS. IF YOU SUCCEED YOU NEED NOT REPAY ANY LOAN OF ANY BORROWER..YOU SINCERELY TRY TO DEFEND YOUR CASE STRONGLY YOU WILL SUCCEED. GOOD LUCK.

NANDKUMAR B.SAWNAT.M.COM.LL.B., ADVOCATE HIGH COURT, MUMBAI.