Cooperative society limitations to recovery
Ganesh Mapari
(Querist) 06 February 2019
This query is : Resolved
I am an guarantor of my friends loan taken from Sahakari Patasanstha maryadit. He took loan of 2lack in 2002 and later on he became defaulter in that loan. He stopped responding to bank. Bank have issued some notices to him and filed a complaint on him. But he still not responding to bank. He have mortgage his 2 Acre agriculture land to bank while taking a loan. Bank still not auction his property but bank have charged banks name on his 7/12. Also bank has charged my agricultural land also, now on my name also get removed from my 7/12 and banks name is shows. I think bank has to recover its loan by auctioning my friends property first and then come to me if loan not repaid with this. Now loan valu exceedeen 30 lac. As I searched on google, bank can not recover interest more than principle amount of loan. If bank could taken action on time, then loan would be recovered with my friends property. But they not taken any action, and directly charged my and my friends land.
Please help me to overcome this issue.
H.M.Patnaik
(Expert) 07 February 2019
Hi Ganesh,
As i gather from your post you are Guarantor of a loan availed by your friend which the borrower has defaulted and your landed property is mortgaged to the bank.
Now, you tell me have you received any notice from the lending bank seeking recall of loan dues.If in affirmative, what steps you have taken for responding to the bank?
Ganesh Mapari
(Querist) 07 February 2019
No sir, Friend have mortgage his own land, but I am guarantor for that loan. Bank have taken my 7/12 while processing loan. when My friend become defaulter bank not taken any action till 2011 to auction my friends property. after 2011 bank started a process to recover total outstanding including interest by acquiring my friends property as well my also. Before 2011 bank have sent some notices to my friend and as well me. But I did not accepted same. Since 2012 my name on 7/12 get removed and bank name appears on same. I appealed in court but due to insufficient documents I lost the case. Bank was not giving me loan documents and statement. My lawyer also was cheating me He cooperating with the bank. I have also verbally communicated to the bank to auction and recover your loans from borrower when He was defaulter at initial stage.
P. Venu
(Expert) 07 February 2019
How has the Bank got its name in the 7/12 extract? What exactly is the entry? Anyhow, the Bank need to follow the due process of law before dispossessing you of the property.
Ganesh Mapari
(Querist) 08 February 2019
Banks Name reflecting in Occupiers column not mine in 7/12 Extract. I think Bank officials appealed in registrar office with false documents to get Authority to Take possession of My friends property and my too. I reached registrar office few month back to ask at what circumstances and evidenced he have given authority letter to bank to take possession of my property. But Registrar said he misplaced that documents and he given this statement on bond paper that documents have misplaced.
P. Venu
(Expert) 08 February 2019
It appears that our understanding of the issues are incomplete. 7/12 extracts are maintained and updated by the Village Officers, not by the Registrar. For every change carried out, there would be supporting entry in the mutation register indicating how and why the change has been carried out. Please ascertain the real facts. Then only anyone, or even you yourself, can help you.
Dr J C Vashista
(Expert) 10 February 2019
Issue legal notice to your friend, money lending bank and official maintaining land records (not required if mutation/charge has been removed from your land record).
Follow it through a local prudent lawyer.
Ganesh Mapari
(Querist) 13 February 2019
I am Guarantor for friends loan. My friend have mortgaged his agricultural land for that loan and I am guarantor for that loan. He have taken that loan in around 2003 and also He have top up loan without informing to me and later on He became defaulter borrower. As bank has to issue notices and follow some legal procedure and auction my friends property first in stipulated time and if Loan not recovered from it then bank has to approach to my property to recover balance loan. But Bank have bypassed some procedure to recover loan and directly acquired my Agricultural land to recover the same. Bank have intentionally delayed recovery of loan to increase loan amount. and in 2011 Bank have proceed to Record banks name on my friends and my 7/12 documents. Bank is not cooperating to provide loan documents and and loan statements to me as a Guarantor.
Ganesh Mapari
(Querist) 13 February 2019
Is the action by bank is right? What can I act after it now. What are the limitations and deadlines to Shakari Banks to recover loans. What can I do as a guarantor to save my land?
H.M.Patnaik
(Expert) 13 February 2019
Pl. follow the advice given by Experts above.It is better,if you get your case examined by an experienced local lawyer dealing in banking matters.
P. Venu
(Expert) 13 February 2019
Please ascertain the facts as to the alleged entry of the Bank's name in the Village records, if necessary, through the Right to Information Act.
We are unable to offer any meaningful suggestion if you are bent upon harping upon ill-informed and unintelligent bits of information.
