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.
A.If the order is passed u/s. 101, the same can be challenged in High Court by way of Writ Petition. Also, under no provision of law can they freeze or mark a lien on the borrower's account unless they have auctioned the mortgaged/collateral property and if there is any due which is still outstanding, then they will have to for attachment order. The freezing of bank accounts can be definitely challenged as it smacks of malafides and for having acted beyond its scope and authority. Please note that this advise is limited based on the information provided by you and should not be construed as solicitation, conclusive opinion and final advise, in any manner.
A.After going through the details it seems that the bank does not want to auction the property of the actual borrower but rather interested in the guarantor's assets and the property.But there is a legal way out. We require all the documents for detailed study of your case.
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A.Hi,
You can claim your dues by filing a civil suit for money recovery.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You can file a civil suit for money recovery against the defaulter, if they fail to comply with your legal notice to pay their dues.
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