Recovery of money

u didnot mentioned about the amount of loan u have extended, if u have extended more than 1000000 /-(TEN LAKHS ) then u can proceed to collect money thru DRT,if u r representing a bank or ARC, u can initiate legal proceeding under RDBFact 1993, u can find out assets of any one the directors and u can file a suit for attachment of property. 

u/s 128 of Indian COntract Act ,1958 provides that the iability of the surety is coextensive with that of the principal debtor ,unless otherwise provided in the contract.

A director giving guarantee to creditor of the co. does so in his personnel capacity n bind himself personnally to discharge the co. debt. but a director who has not given the guarantee to cr. of the co. r not personnal liable.

1. What is your locus standi in the matter please? Are you representing the lending Bank?

2. If yes, then your Authorised Officer  can file an Original Application (O.A.) under Section 19 of Recovery of Debts Due to Banks & Financial Institutions Act, 1993 & claim the amount due including the interest accrued upon the NPA amount, but not charged. In this case the Recovery Officer will attach any or all the properties of the Borrower/Guarantor, including the mortgaged property to realise the Bank's dues.

3. There is a specific format for the said Application & it is a specialised  stream of law,

4. Engage a lawyer experienced in DRT matters to handle your case. 

Yes sir...Recovery Certificate has been Ordered...  But the matter is pending before Recovery Officer , now we have to submit the property details. But we are clueless about the property details of hero as the loan is unsecured. shall we get stay order from High Court to stop hero's upcoming film...?

Regards,

K. Suryamoorthi

1. Detailed query helps in getting detailed  answers,

2. How come the Bank has given unsecured loan?

3. A prayer in the OA should have been made for the direction upon the Borrower to furnish details of his assets. This is usually done,

4.When you are clueless about the property details of the Borrower & you did not pray for the Borrower to submit his property details, how do you expect the Recovery Officer to attch his property?

5. Engage a detective agency to list out his property,

6. Stay order can not be obtained for punishing or harming some body. So, you can not stop his acting in nthe upcoming films which is not effecting you in any way.

We have provided Business loan for which we required only repaying capacity of the borrower and those loans are provided on 2005 and its all become NON PERFORMING ASSETS now. So we are trying collect the payment in all the possible ways. Though he is good enough to make arrangement for payment, he refused to do so by evasive answers. If we go for movable attachment , we have to submit the proof that the movable  property was purchased by him. But we didnt have any immovable property details.  This  what the difficulty what we are facing exactly.  

I have read somewhere in news paper before 6 months,  that one of the financiar moved HC   to get stay order for stop the film for the pending due payable to him. 

That is why I have asked this.

Regards,

K. Suryamoorthi

Egards,