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Seeking advice to protect property

(Querist) 03 September 2015 This query is : Resolved 
Dear Experts,
One of my friend at Hyderabad stood as a guarantor to one firm at OBC by mortgaging his property having trust and faith on him.The loan amount was Rs.65.00 Lacks against partners of the firm property and my friends property in the 2010, now the firm is closed and the CC account became NPA. The case is filed by the banker,everything is kept in darkness to my friend by the firm partners.To recover the bank liability the banker has obtained attachment for the properties in which my friends property is attached, the advocate commissioner has come to my friends door to take the physical position of the property. Al ready e-aution was conducted by the banker but no body has participated.
My friend is ready to pay Rs.10.00 lacks to release his documents with free liability but the banker is not accepting.
Now my friends wife file a case to protect the property by paying Rs.10.00 Lacks and release the documents what will be the results.Please show some solution.

Srinivas Rao
Kumar Doab (Expert) 03 September 2015
Apparently you have consulted your lawyer and have filed the case thereafter.

What is your lawyers opinion?


Generically speaking:

The Bank shall not agree to any amount less than o/s amount.


After the auction if any amount is still pending the bank shall again ask to pay it.


c.p.s. ramachary (Expert) 04 September 2015
The liability in the account might have gone up 65 lacs availed by the borrower firm. Payment of Rs.10 lacs may not be acceptable to the bank (secured creditor).I agree with Mr.Kumar Daob's opinion.Your property may be sold in public auction for realization of the entire debt and fall back on you as guarantor for unrealised amount by invoking your guarantee. Go to the bank and pursue it for some cocession in the liability.
Rajendra K Goyal (Expert) 04 September 2015
Bank would not agree to the proposal.

Without knowing the details of case filed by the wife of guarantor nothing can be advised.


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