Action on guarantors property in banking

deepak mohan sharma (Querist) 14 March 2012 This query is : Resolved
i am a banker, we sold a property of a borrower under SARFAESI but received half of the borrowed amount i.e. 2.5 crore out of 5 crore. two guarntors have given gurantee in this loan. hwo can we take possession of the properties of Guarantor or can we get red entry by giving request to DM ? can we serve notice 13(4) under SARFAESI to guarnator also ? Can we take possession and sell the property of Guarntor also?
In case of write-off the balance amount banks' loan officer will be penelised ?
etc etc.

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ajay sethi (Expert) 14 March 2012
you are banker dealing in properties worth in crores . engage a lawyer . you can afford legal fees.

Guest (Expert) 14 March 2012
I endorse the views of Shri Ajay Sethi.

ESTHERPRIYA (Expert) 15 March 2012
You can easily take the surety holder to task but before that you have to issue notice under SARFAESI. It is a separate proceeding.

Advocate Ravinder (Expert) 25 May 2013
Yes, you can recover the balance amounts from the guarantors by following the same procedure which you have done for principal borrower.