HIGH COURT OF MADRAS
M.DHANDAPANI, J
Girija Rangarajan – Appellant
Versus
The Assistant General Manager – Respondent
O R D E R
This writ petition is filed by the petitioner seeking direction to the respondent bank to consider the petitioner's representation dated 18.02.2021 to relieve of the guarantee and to release the title deeds mortgaged in favour of the respondent.
2. The learned counsel appearing for the petitioner submits that the petitioner is the Guarantor/Mortgagor to the loan availed by M/s.Sree RKS Fashions (P) Ltd in the year 2005. Due to unavoidable business reasons, the loan account has become non performing asset. Since the petitioner has only stood as Guarantor/Morgagor to the loan transaction, she has mortgaged her residential property as security to the said loan transaction. He further submits that the respondent bank has agreed to release her liability on payment of Rs.15,00,000/- towards the loan transaction. Thereby, the petitioner has paid a partial amount of Rs.7,00,000/- to the bank on 25.05.2014. Even after receiving a sum of Rs.7,00,000/-, there was no response from the respondent bank. The petitioner has sent a letter proposing for a one time settlement with regard to discharge of her liability as guarantor. The petitioner has come to understand that an OTS Scheme has
Login now and unlock free premium legal research
Login to SupremeToday AI and access free legal analysis, AI highlights, and smart tools.
Login
now!
India’s Legal research and Law Firm App, Download now!
Copyright © 2023 Vikas Info Solution Pvt Ltd. All Rights Reserved.