Harassments of Guarantor

3 years ago

Hi, Borrower has taken 35 Lakhs of Term loan and 50 lakhs of Cash Credit (Total 85 Lakhs) from the Urban Co-Operative Bank
Bank is incorporated as a co-op bank under MCS Act 1960, & commence banking business as a RBl License holder bank since 21.11.1998.
They gave the loan to borrower against a Property (11Acres of Agricultural Land ). The valuation of the property as per surveyor was approx 2 Crores and 30 Lakhs at the time of loan. Hence, guarantor signed the papers.
Borrower is now defaulter and account is NPA. bank filed and received 101 from Pune Zilla Nagari Sahakari Bank Association Pune on 22nd May 2018.
Since May 2018, bank did not take any legal action against the borrower other than attaching borrowers properties, which are already mortgaged with other banks.
Knowing that guarantor does not have any source of income and salaried they seized the guarantors saving account.
Bank also did not responded to the One Time Settlement request sent by Borrower on 7th December 2020.
Now, when guarantor contacted bank to take some kind of action or auction the mortgaged property as well as Attached property which is worth 1.5 Crores, bank replied in verbal that the mortgaged property is not even worth Rs 1,00,00,000 and asking guarantor to take legal action (fight against bank and borrower through court).
Please let us know if we can take any legal action and get at least account released because the borrower and bank both seems to be harrassing the guarantor purposely.