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Queries Participated

Goapl Garg   16 June 2015 at 22:38

Sarfaesi act = notice u/s 13(2) & 13(4)

I have allowed my flat under mortgage towrads credit limit to my brother"s pvt ltd company and it is clearly mentioned in the sanction letter that my liability shall remain restricted to the value of my property under mortgage,i.e. the flat.My brother met an accidental death and his company turned into bad condition and his loan account has become NPA with liability of about 4.00 crore.

The bank has issued notice u/s 13(2) to the company and to myself as guarantor asking for payment of 4.00 crore.I objected thru my letter that I am not liable for the total outstanding but to the extent of value of my flat.Bank did not answer.Recently the Bank has pasted a notice on the wall of my flat u/s 13(4) and delivered notice to one of the resident of the society and made paper publication with the same amount.I again strongly objected in the same manner as earlier and as time for filing SA u/s 17 was nearing without any response from Bank, I had to file SA, had to pay Rs.1.00 as Filing Fees , on the same ground and submitted that the both the notice were bad as they have been issued to me asking the full outstanding instead of the property value as clearly mentioned in the sanction letter.Now the bank has issued one letter to me (after filing SA) that they agree that I am only liable for the value of my flat and hence I should pay Rs.1.20 crore(the Fair Market Value assessed by two valuers without my knowledge at all).I disagree with the valuation.It should be at least 30-40% less by going market rates in the area.
Kindly advise
(01) whether the Bank is right in doing so what it has done?
(02) what will be fate of my SA?
(03) what should I do under these circumstances?

I do have advocate who is looking after my case and I do respect him and his action who opines to wait for the disposal of SA.I approach this forum for opinions as this forum has seasned experts and their advice/opinion will reassure me and I shall have more mental peace and assurance.Please do help., Regards and thanks in advance.

gourav arora   18 May 2015 at 19:37

Bank gurranty

Dear Sir,

My Clint's Brother has a CC Limit in Bank. My Clint is Guarantor in his limit and pledged his property in bank.

My query is :
My Clint can return his guaranty. He want to do so.

What is the process.
?????
Kindly reply in brief.
And
IF his brother will not pay the cc limit. How can bank recover his amount.

Gourav Arora