Dear sir/mam,
I need your advise in the case that I was working as head of institution in Punjab in 2011 and I was forced to be guarantor fo purchase of Tata Ace (2.25 lac loan) for son of memeber of instituitional trust (used in school ). They paid three installments. As the trust was some what on defaulter track, I left the job in June 2011 submitting to the bank about closing some of my accounts.
After few months I got call from bank regarding non payment of loan. So I approached the party and shared with them. The party said that vehicle in the possession of trust president and will do needful. During talk I came to know the party is changing his address. So I even informed bank thru phone the same. Afterwards I recd two calls and I told them to trace the vehicle as per RC available with them. It was surprising that bank has not asked for hypothecation since last three years. Actually Then Manager use to fund/provide various loans to trustee/his friends on creating assetts like laboratory, store etc. I requested manager that as I shared that at the time of leaving the job and submitted application to then bank manager regarding same ,why bank did not any action at that time?
As i applied for loan for my son, I came to know that CIBIL is low. On enquiry I found that bank has filed a suit.
Sir, as I have not recd any call from bank since ;ast two years. I changed my no one month back and I got the message on new no. about NPA of that acct.
Plz advise what should I do? I called the trustee about this issue . He said that vehicle is with him, Bank people are visiting and not impounding the same. Tell bank wala to pick vehicle.
As bank is not having any hyp. or RC anyother document, it seems that intensionally there was lapse in impounding vehicle.
Somewhere feeling under pressure.
Plz advise.
