Co-operative bank loan

legallaw (Querist) 11 April 2015 This query is : Resolved
n 1998 One of My friend Has taken Loan From District Co-operative central bank Andhra Pradesh For purchase of computers Paid instalment for 6 month Then the computer institute is closed because of loss
Actually for the loan some other person has given gaurantee and taken 75% of loan money for personal use now the loan is on the name of my friend (computer institute )and bank people are forcing to pay the loan amount recently they approached the friend asked to pay the 1.90 is principle amount + 8 lacs interest is there any chance of intrest waiver or any way to proceed with gaurantor
kindly give us the solution

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SAINATH DEVALLA (Expert) 12 April 2015
He has to pay for the sins committed by either by him or his friend who has eaten away 75% of the loan.

Now comming to the original query, if UR friend wants to settle the loan amount,let him approach the HO of the bank and submitted an application for one time settlement.Interest will certainly be waived to a certain extent.

Or else once they proceed legally both UR friend and the so called gaurantor will have to face the tune.

Rajendra K Goyal (Expert) 12 April 2015
When the last installment was deposited?
Whether any loan revival letter was signed?

It seems that the loan is time barred.

Consult local lawyer and show him all the documents.

legallaw (Querist) 12 April 2015
since 11yrs the bank has not given any notice and now they came for loan recovery with intrest
1. The person is not available at business place
2. the Gaurantor is not available till now
3 . Agriculatural land given for gaurantee for computer training centre .
4. the adress of bank computer training institute person is available with bank people ... without giving any notice they came for recovery now

In 1998 One of My friend Has taken Loan From District Co-operative central bank Andhra Pradesh For purchase of computers Paid instalment for 6 month Then the computer institute is closed because of loss
Actually for the loan some other person has given gaurantee and taken 75% of loan money for personal use now the loan is on the name of my friend (computer institute )and bank people are forcing to pay the loan amount recently they approached the friend asked to pay the 1.90 is principle amount + 8 lacs interest is there any chance of intrest waiver or any way to proceed with gaurantor
kindly give us the solution

SAINATH DEVALLA (Expert) 13 April 2015
The notices should have gone back un delivered.What is the position of that ag land?

T. Kalaiselvan, Advocate (Expert) 15 April 2015
It appears to be time barred claim, ask your friend not to make any commitment towards payment without consulting a local advocate.