Guarantor of Credit society at Maharashtra.

Querist : Anonymous (Querist) 19 February 2011 This query is : Resolved
Respected sir,
My husband had become one of the three Guarantors of personal loan taken by one of his senior officer’s friend (Shri Vijay). My husband was quite young (22 yrs.old) and unwillingly made Guarantor due to his senior’s pressure. The principal amount of loan taken by Vijay from Prerna Sahakari pant Sanstha Limited was Rs.30,000/-(Rupees Thirty thousand only) as at 12/12/2001.
When my husband have continuously persuaded Vijay, he paid some dues and later w.e.f.11/04/2006 he had stopped making installment payments. As on date, his total dues stood at Rs.47,528/- (including interest of Rs.20K). Mr.Vijay is financially sound and owns various assets as of date.
Last week, we have received final notice by Registered A/D from the above credit society stating that if Vijay fails to pay his dues within 7 days of receipt of this notice then proceedings as per Section 101 of Maharashtra co-operative Society Act 1960 will be taken. Notice also mentions that if borrower Mr.Vijay fails to repay his dues then guarantors would have to pay the same. Among other two guarantors, one is vijay’s wife and second is Mr.Ganesh Kamble (Dead few years back but his wife is employed).
Could you please guide us about :-
One… My husband’s liability if proceedings is undertaken by credit society? My husband do not remember anything about terms of his guarantee.
Two … We can not complain against my husband’s senior .But whether we could complain somewhere against Vijay or this society?
Three… Whether society can proceed legally after so many years (i.e. loan was taken in 2001)?

Please advice soon as we are very much into trouble. Thanks in advance.

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