I am a guarantor for a used commercial vehicle loan by providing mine property as mortgage. The 1st party who took the loan has already surrendered the vehicle to the Sundarm Finance Ltd. But still the company has not returning my property documents to me stating that some dues are still pending by the 1st party. And the 1st party is not turning up to clear the dues stating the company has cheated by giving him a faulty used vehicle with a high interest rate which forced him a great financial loss on repairing the vehicle time to time, which cause inability to pay the EMI on time and finally bound to surrender back to the company.
What shall I do in this context. How I can obtain my property papers from the company, as I am not directly involved in any kind of transactions between the 1st party & the company.
Please guide me the legal procedure to claim the property document from the company.
Thanks & regards,
Gopal Meher