Legal Question in Credit and Debt Law in India

Dear sir,

I am a public sector undertaking(central govt) employee.one of my friend take busines loan of 3 laks from sriram city unioun finance.he was fail to pay the EMI s.the total amount pending was 2 laks with fine and intrest.iam the guarentor for that loan.they taken my pay slips,etc.now for my persnel reasns my job was lost..now iam jobless.what wil be the company's action againest me

Please guide,thanx in advance


Asked on 1/05/15, 2:04 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

08.01.2015

Dear Sir / Madam,

Repeat query. It is fairly obvious that you and your friend are doing business together. So if the bank is demanding repayment and closure of the loan, you are liable to repay and settle it.

Regards,

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Answered on 1/07/15, 8:46 pm


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