vishwanath jaiswal 10 January 2017

Account freeze of guarantor

Sir

i appeared guarantor to one of my friend who had borrowed loan of Rs 3 lacs as Busienss laon from a Pathpedi, he paid few installment regularly and after that he was defaulter, from appx last 2 years he his not paying his loan and he has raised hands to bank that he his unable to pay loan, the bank had seized mine and other 2 guarators account, in my acct there was 3 lacs as i have to pay the same amount to the builder from where i was seeking to purchase a new flat for me.

now i am in big trouble as i have to pay downpayment to the builder but as my account is blocked i am in dying situatuion,as i dont have any money with me for surviving and food and my kid who is just 2 years old, we are not having single penny. i am working as a govt employee,

please help out as i am in big trouble

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2 Replies

Kumar Doab (FIN) 10 January 2017

Obtain authenticated copies of all loan related documents from lender e.g; Loan Brochure, offer/allurements by lender for loan, loan application, loan approval, loan agreement, loan statement, all communication supplied to borrower with POD etc.

Lender is liable to provide these.

You might have signed clause on Right to set off and lien by banker.

Obtain details of all assets of borrower.

The guarantor as per loan agreement may be liable to pay jointly or severely.

The lender may recover from 3 guarantors.

The guarantors may recover from borrower.

Press the borrower to pay amicably or proceed further as per considered opinion of your own counsel that has examined all docs on record.

(Guest)

Sir,

The attachment of bank account is illegal since it has put your livelihood at risk. Approach the DRT having jurisdiction over the branch of the concerned bank with an application and get your account released. Banks are liable to send notice first and cannot just seize the account of the guarantors for 3 lacs .

Regards

Rit Arora
Advocate
7838737001