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Can Bank Attach Guarantor's Property In SARFAESI Case?
My father stood guarantor for a loan taken by a Pvt ltd company in which my uncle and his son are directors. Apart from the guarantee, the bank has taken the personal properties of my uncle and father. Now the account has become NPA and the bank has sent notice of attaching the secured properties under SARFAESI Act. My father has now transferred all his properties which have not been secured to the bank on my name by a registered gift deed. My question is will all those transferred properties remain safe or can the bank attach them by filing a suit for fraudulent transfer. Till now there has been no notice sent to him regarding the unsecured properties.
- Sector-1, Noida
Yes. It's option of the bank and guarantor is liable to pay and guarantor's property can be attached till realization of amount and same can be put into auction for sale.
Answered on 13 Oct 2019
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