BG From The Developer | Vkeel - Free Legal Advice

Chandini Society

MUMBAI

Our Society whilst seeking the BG from the Developer for the redevelopment of our project, the Bank of the Developer released the BG (Performance ) in September 2016 with a clause "The period of the guarantee should not exceed 36 months including claim period" The Society had lapsed in noticing the expiry date & when observed have requested the Developer to extend the validity of the BG but, the developer is playing pranks due the above clause. Please advise as to how to combat this issue & under which section of IBA is the Bank entitled to extend the BG.

Expert's Answers(3)

Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

It can only be condoned by Banking Authorities subject to their harsh dictates.

July 30, 2020
Advocate Ferosha Shiffon Ansari
Chennai, Tamil Nadu

you can send a request letter or email to the Head office . Feel free to contact me

June 26, 2020
Kishan Dutt Kalaskar 40 years Exp (Retired Judge)
Bengaluru Urban, Karnataka

187 Client Ratings

It is not a big problem. A request will be considered with some penalty or approach Head Office or banking ombudsman. Please give me Rank 5 and Review my Resume and Follow me if my answer satisfies you

June 26, 2020