I put property as performance bank gaurantee

Banker is right.

but i did not renew the property for further bank gaurantee how can they retain the property after the bank gaurantee validity is finished

wat is the solution how i will get my property back

It appears that the bank has sanctioned a limit for bank guarantee against the collateral security of the immovable property. Under the sanctioned limit, the bank has issued a particular letter of guarantee, the validity of which, according to you is exprired. If you want to surrender the limit sanctioned (if any), you have to issue a written request to the bank stating that (i) you no longer require the bank guarantee limit (ii) you have performed your commitment to the beneficiary under the Guarantee. The bank will have to return the Property papers after cancelling the limit/guarantee. If the bank does not do the needful, lodge a complaint with the Zonal Office/Circle Office/Head Office and later on if no response, you have the option to lodge complazint against the bank with Banking Ombudsman. The writer can be reached at skguptafbd2@gmail.com

no MR SURENDER i gave my property in favour of my relative company i need not have to perform the commitment it is he who has to complete the contracts i have nothing to do with business i not know wat to do now how to get this property back though i gave a request to bank dat i not want to renew my property further for his company but bank not ready to release it they are asking repacement frm my relative then only thy will release it

It appears that the bank has sanctioned a limit for bank guarantee against the collateral security of the immovable property. Under the sanctioned limit, the bank has issued a particular letter of guarantee, the validity of which, according to you is exprired. If you want to withdraw as a Guarantor and want your property released, the company will have to surrender the limit sanctioned (if any), The company has to issue a written request to the bank stating that (i)  they no longer require the bank guarantee limit (ii) They have performed r commitment to the beneficiary under the Guarantee.It appears that the company is not cooperating with you. In that case, you have to issue a notice to the bank asking them not to issue any fresh guarantee on the strength of your guarantee and property and return your property papers as the validity period of the existing guarantee issued by the bank has expired (and the bank is no longer liable uunder the Guarantee issued to the beneficiary. Send the notice through registered AD post; and email also

The bank will have to return the Property papers after cancelling the limit/guarantee. If the bank does not do the needful, lodge a complaint with the Zonal Office/Circle Office/Head Office and later on if no response, you have the option to lodge complazint against the bank with Banking Ombudsman. The writer can be reached at skguptafbd2@gmail.com

dear sir

thx for the help but work under contract which my relative took has not finished first thing and abt it i do not know the details

seconly bank is telling that ur property is on autorenewable so they can not release it unless my relative gives them another property

thirdly my relative very angry not ready to give another replacement for this property to bank so my property now trappedand his business has gone down so bank is telling no property will be released  it can only be replaced by my relative and he not ready to replace my property

waiting for ur opinion

thx alot regards

sanjeev

The moral is 'don't  give own property for the performance guarantee for anybodyelse'.  Even though a date would mentioned for the expiry of the guarantee, the bank's document may contain provisions for automatic renewal, after that date.  You  cause to issue a lawyer notice through a competent advocate for revoking your guarantee, to the beneficiary of the guarantee and also another notice to the bank  to return the property documents as the guarantee is not yet invoked by the beneficiary and the guarantee is expired.