I was a guarantor to a loan taken by a firm which had 3 other persons as partners. The firm unfortunately had to be wrapped up and it defaulted on bank loan for Rs 1 cr at time it was declared bad loan. Bank was able to recover 50 lakhs by sale of assets and two other assets assessed by bank for 40 lakh remain unsold. Bank simultaneously filed case before DRT. I am a senior citizen and a pensioner. I know bank can attach any immovable properties in my name, so I do not have any. My queries are:
1. Can DRT attach cash received in my bank account as pension every month?
2. Can DRT attach Fixed deposits linked to my bank account?
3. Can DRT attach mutual funds held by me?
4. Can DRT pass any criminal orders against me or against partners of the defaulter firm in case dues are not recovered eventually?
A.DRT is vested with such powers to attach bank statements and such other properties of a person depending upon the case and can also pass criminal orders if it deems fit against defaulters depending on the case as per the provisions under the Act wherein you have defaulted to make payment but in most cases passing of criminal orders comes at later stage mostly if there seems non-cooperation or contempt of Court Order, hence you as a guarantor will require to have a good ground to defend your case so as to minimise the scope of any adverse order against you. Thank you.
Dear Sir,
The legal heirs of deceased that is wife is not a signatory to such guarantee paper. Get all the relevant papers maintained by the Chit Fund and approach the Civil Court and get a stay order...
Dear Client,
When you joined the coaching institution accepting their terms and conditions, you should have informed the Coaching Institute about your cancellation or discontinuation of the coaching t...
Dear Client
When you have taken the loan then its your duty to repay the same and in case you are not in a position to pay due to any reason then you should let them know that you cannot pay now but y...
Dear Client,
In the given situation, if you are confident with your loan status, you may file a complaint against the Bank to the regulatory authority RBI online on its grievance redressal portal und...
Dear Client,
In the given scenario, you can serve a legal notice to the person to whom you lend your money and if you possess sufficient proof in support of your claim you can file suit for cheating a...
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Can DRT attach bank balance?
My friend stood as guarantor to a chitfund company
