Cource of action for recovery of loan amount for a co-operative bank under liquidation

Pramey Sonecha (Querist) 02 October 2013 This query is : Resolved
Hello to all the experts on LCI,

Kindly reply to the following query.

XYZ, is a co-operative bank went under liquidation process. Bank while was active gave a clean OD to a shareholder for Rs. 5.00 Lacs. Two other shareholders of the bank are guarantor of the said loan. No property is given under mortgage. Bank went to Board of Nominees and obtained a judgement against the borrower and guarantors. How can bank further take action ? Can bank's recovery officer directly attach the property of borrower or the guarantors or it has to file an execution petition before the civil court?

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