My uncle from Dhule, Maharashtra has given a sign as a guarantor to a person. In this regarding few facts are as under:
borrower had took loans against 3 different companies Rs. 15 Lakh, 15 Lakhs and 13 Lakhs on the same day. in all three companies society took my uncle and aunt’s sign as a guarantor. after some period borrower became insolvent and unable to repay loan. society sent notices to my uncle for repayment and my uncle accepted those notices including Sec. 101. He also was in contact with the borrower in this regards. every time borrowers promises that he will pay the amount soon,. but he didn’t. Now society claim on my uncle’s home as a guarantor. it is also approved by the registrar. meanwhile the FIR is registered against the society in Dhule police station against the directors and others under MPID act for non payment of investors of the society. in the above case society had not took any mortgages while sanctioning a loan. there is another property on borrowers name but on that property another society had already claimed. hence this society didn’t consider that property. we also tried to explain how this loan has been sanctioned illegally by the society.these facts we brought to the notice of the registrar but he explain that, – Much time has already passed and guarantor didn’t took any step earlier hence these points could not consider. registrar sanctioned a permission order to sale his home. pls let us know how to deal with this case. can we appeal to the Commissioner, Registrar?
I C Naik
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