Resending query with more description & Seeking advise in case of guarantor for immovable property.
Resending query with more description & Seeking advise in case of guarantor for immovable property.
Dear sir/Madam, One of my relatives had avail loan 10 years ago from the cooperative bank for construction of commercial property for which I had signed as a guarantor. I believe that he was a consta
2 years ago
A. Hello,
Guarantor Discharged by Primary Debtor Release: According to Section 134 of the Indian Contract Act, the guarantor is relieved from its duties under a guarantee contract if the creditor and the primary debtor negotiate an agreement releasing the principal debtor. Yes, this transfer might be considered a breach of the original contract.
Thank you very much.
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Ayantika Mondal @ Prime Legal
Ayantika Mondal @ Prime Legal
Money view loan in online
My sis was working in corporate we took loan from money view 50 thousand and we paid half and they gave us top up after getting top up for 1 lakh 4 thousand in hand they gave 75 thousand from the next
2 years ago
A. Hello
Ma'am you'll have to pay the loan back otherwise they could take legal actions against you. Although you have a option to go via the alternative dispute resolution process and try negotiating with company to settle with some lower ammount or reduce the emi.
Thanks
If you find this advice helpful please rate.
Ayantika Mondal @ Prime Legal
Seeking advise in case of guarantor for immovable property.
I am seeking to advise about the liability of the guarantor in case the bank has transferred property in favor of the Bank itself according to The Maharashtra Cooperative Societies Act 1960, under Rul
2 years ago
A. Hello,
Guarantor Discharged by Primary Debtor Release: According to Section 134 of the Indian Contract Act, the guarantor is relieved from its duties under a guarantee contract if the creditor and the primary debtor negotiate an agreement releasing the principal debtor.
Thank you very much.
Please rate the answer if you found it useful.
Ayantika Mondal @ Prime Legal
Seeking advise in case of guarantor for immovable property.
Dear sir, One of my relatives had avail loan 10 years ago from the cooperative bank for construction of commercial property for which I had signed as a guarantor. I believe that he was a constant def
2 years ago
A. Hello,
Guarantor Discharged by Primary Debtor Release: According to Section 134 of the Indian Contract Act, the guarantor is relieved from its duties under a guaranteed contract if the creditor and the primary debtor negotiate an agreement releasing the principal debtor.
Thank you very much.
Please rate the answer if you found it useful.
Ayantika Mondal @ Prime Legal
Sidhaarth S
Personal loan of Axis bank
Since April 2021 I cant able to pay my EMI due to non payment of salary for lockdown (loan amount Rs 624000/-) and requested bank for moratorium, already bank had started providing moratorium physical
2 years ago
A. Dear Sir,
Since it is a personal loan if you have no amounts then you need not approach Lok Adalath for settlement. Let this Bank approach Arbitrator or Civil Court for recovery of the same then you can raise all your defenses.
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Ayantika Mondal @ Prime Legal
My credit card loan gone NPA.
My credit card loan gone NPA. My services were terminated on unjust grounds and I have filed a legal case against them in labour court.I am a bachelor. I want to know whether loan repayment liability
2 years ago
A. Unless your parents/ father/ family stood as guarantor, there is no eventuality to fasten them with any such obligation, under the law. And assuming you narrated the complete transaction, I also do not see any undertaking or assignment of loan took place either. Hence, obligation on your family does not arise. However, the liability will remain vis-a- vis your 'personal assets', unless you have proceeded for Bankruptcy. Finally, please be informed that your institution of a legal case in labour ...ReadMore
DB Law Offices
SARFAESI act and CERSAI registration
i was a director of a pvt ltd company ,this company given their only property of 11 cents and a building as collator security to a scheduled bank , for Another company owned by many persons ,
2 years ago
A. Dear Sir,
Without such registration there is a legal lacuna and you can fight on that ground and seek cancellation of such public auction. To get more effective advise you have to share more details with any of the legal experts who are nearer to you.
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Credit card demand legal notice
I have received a demand leagl notice for non payment of credit card. I am very TENSED as they are calling me many times and saying if I don't pay them full in few days then they will ask me to co
2 years ago
A. Hello
You'll have to pay your credit card bills otherwise they have right to initiate legal proceedings against you. Better option you have is to contact the service provider as tell them regarding your situation they might agree on a lower amount payble for credit bills. Other option you have is to sort this thing out through alternate dispute resolution process.
Thanks.
Ayantika Mondal @ Prime Legal
Debt settlement
I would like to settle my credit cards and personal loan as now my financial condition is very bad. Total due is approx 12-13 lacs. Please guide
2 years ago
A. That is very high amount to settle easily.
Ankur Goel @ Complete Law Shield
Notice u/s 13(2) of Sarfaesi Act
I recently received a notice for my loan account with a private bank which they dispatched on 13 May and I received it on 25 May. I received a call from bank person that they will paste notice on my h
2 years ago
A. The Bank can not paste the notice under section 13(2) now as the RBI has issued a circular to not declare any property NPA due to prolonged epidemic COVID-19.
Yes you must approach the BAnk through your lawyer and ensure that they do not do this unlawful act.
Anand Bajpai
