Dear Sirs,
The borrower had availed of loan. After paying few installments, the borrower defaulted. I am one of the 3 Guarantors. The Bank has till date not taken possession of the mortgaged property. The money that I had deposited as security towards the loan has been forfeited by the Bank. Now the bank has filed Suit for recovery of balance amounts with interest.
My question: (i) Can the Bank forfeit my security amount without taking possession of the mortgaged property lying with the borrower?? (ii) According to my knowledge, the Bank has not put in any efforts to recover monies from the borrower and has malafidely forfeited the security money which was easily available to it as the same was kept in fixed deposit in the Bank. Therefore, the Bank has failed in performing its mandatory duty thereby causing loss to me. What action can there be??
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