Legal Question in Banking Law in India
My father stood as a guarantor(continuing guarantee) to a loan in year1995 for a company in which he was a director. My father resigned from the company during the year 1996 well before the loan was discharged by the bank.My father passed away in 2003, what is the limitation period within which the legal heirs of guarantor be brought on record,are we liable to pay the debt,if so to what extend, are we liable to the balance amount due till his death date or up to the present date.
Asked on 3/10/15, 8:12 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
11.03.2015
Repeat query. Already answered.
Answered on 3/11/15, 12:41 am
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