( VERY URGENT )
My Father & Mother had stood gaurantor for this person who had taken an O.D amount of approx. 15 lacs from a co operative bank in Mumbai in 1994. To my knowledge, bank have in their possession, mortgage deed & promissory note signed by my parents. they also have an attested copy of sale deed of our appartment. original sale deed and share certificate is in our possession.
In 2005 the bank acquired a recovery certificate u/s 101 mcs 1960. and attachment warrant u/s 156 mcs 1960 & rule 107 (5) mcs 1961. Recently bank has served an auction notice dated one week from today.
Please advise, how can we settle this matter with minimum damage. Can i get a stay on the property?
My father expired in 2008 and i have an ailling mother who is 61yrs of age.