What are the options available to a partner & guaranters of a Partnership Firm against whom a co-op bank has obtained Cert u/s - 101?
THE PERSON CAN FILE APPEAL TO THE JOINT REGISTRAR COOPERATIVE SOCIETY BY ENCLOSING COPY OF RECOVERY CERTIFICATE ISSUED BY DY.REGISTRAR COOP.SOCIETY.
KINDLY NOTE THAT AS PER PREVAILING PROVISIONS OF SAID ACT 50 % AMOUNT OF SAID RECOVERY CERTIFICATE SHOULD BE DEPOSITED FOR ADMITING APPEAL AND THEN STAY CAN BE GRANTED TO THE IMPUGNED RECOVERY CERTIFICATE.
IN CASE ANY FINANCIAL PROBLEMS THE APPELLENT MAY FILE APPROPRIATE APPLICATION FOR SEEKING RELIEF.
MANOJ HARIT (LAWYER) 10 May 2010
Thanx for the reply. But as U are aware no borrower can fulfill the condition of deposit then what else is the remedy.
Secondly, the co-op Bank has extended the Loan to a Partnership Firm & the owners of properties against whom Cert - 101 has been obtained are neother Partners nor Guarantors. They have mortgaged the property as collateral security. What should be the Legal step for these Mortgagors to avoid Public Auction.