Legal Question in Banking Law in India
Dear Sirs,
i am a guarantor to one of my friend personnel loan. I have given guarantee looking to the house property they had in their name. Now they are not paying the instalments and bank is beyond me. They have sold the house and got the proceeds. After getting the proceeds I have inform to bank in writing that they have sold the house and received the proceeds in one of the bank. Based on this information they have not verified any thing and still they are insisting me to pay the amount due to guarantee given by me.
How I can deal this situation.. Please guide me..
Rajesh Patil
Asked on 8/02/16, 12:57 am
1 Answer from Attorneys
1) First pay the amount to the Bank and recover from ur friend.
Answered on 8/02/16, 12:59 am
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