legallaw 11 April 2015

Co-operative bank loan

In 1998 One of My friend Has taken Loan From District Co-operative central bank Andhra Pradesh For purchase of computers Paid instalment for 6 month Then the computer institute is closed because of loss

Actually for the loan some other person has given gaurantee and taken 75% of loan money for personal use now the loan is on the name of my friend (computer institute )and bank people are forcing to pay the loan amount recently they approached the friend asked to pay the 1.90 is principle amount + 8 lacs interest is there any chance of intrest waiver or any way to proceed with gaurantor

kindly give us the solution

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3 Replies

G.L.N. Prasad (Retired employee.) 12 April 2015

Except waiting for a "Recovery month "where one can expect norms for interest waiver during a particular period, there is no way you can avoid payment of loan and interest. Remember, the loan is from a co-operative Bank, and it is likely that they may even proceed against borrower and guarantor under Revenue Recovery.

Please meet Top officials with a concrete proposal and prove your sincerity and credentials to shell down atleast 33% outstanding in principle and 25%outstanding towards interest at the time of negotiation, only after finalisation and such offer/acceptance in writing by both the parties.

Advocate Ravinder (Advocate/Attorney) 12 April 2015

I Agree with GLN Prasad. Another option is do not pay even a single pie now. Let the Bank file case. After some time after filing the case, meet the officials and bargain and arrive for one time settlement (OTS). Pay the OTS in one lumpsum.

T. Kalaiselvan, Advocate (Advocate) 16 April 2015

The case appears to be barred by limitation hence do not commit the liability, consult a local lawyer on the possibilities and then proceed as per his advise.

Co-operative bank loan

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