Legal Question in Bankruptcy in India
My father signed as a surety and the borrower has defaulted. The bank is now after my dad who is no position to pay. Am I responsible to pay the debt since I am taking care of him even though I did not know anything about it and did not sign anything for it. This is a case in India.
Asked on 6/10/12, 4:08 pm
2 Answers from Attorneys
BHARAT NARASGOUDA
BHARAT NARASGOUDA
No sir, you are not liable for anything as far as your father is alive, further your father is liable to pay the amount as he has stood as surety, The liability of surety is co -extensive with that of the Principal Borrower.
Answered on 6/10/12, 8:33 pm
Sanjay Kalra
Sanjay Kalra & Associates
You dont have to bother yourself for this problem.
Answered on 6/10/12, 11:18 pm
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