Legal Question in Banking Law in India
a company needs loan from bank A and the bank needs guarantee, and as guarantee the bank takes double the amount of loan. now the bank gets liquidated, please provide the co. a remedy.
Asked on 5/30/13, 9:42 pm
2 Answers from Attorneys
Pravin Vaidya
Independent
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Answered on 5/31/13, 3:36 am
Fca Prashant Chavan
Expert Edge LLP
31.05.2013
Dear Sir / Madam,
If the Company has not yet availed the loan till the date of liquidation of the bank, the Company has to look for finance from another bank. If the Company has already availed of the loan, the Company is liable to repay the loan to the entity that takes over the affairs of the liquidated bank.
Regards,
Answered on 5/31/13, 5:38 am
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