Legal Question in Banking Law in India
A person was a director of a company and he was the surety for the loan amount obtained by the company. And later on the company was took over by certain other group. And the directors were changed. And the old director who was surety had written to the bank for discharge of guarantee. Is the old director i.e) the surety here is he personally liable to repay the bank debts even after giving the notice of discharge of guarantee to the bank.
2 Answers from Attorneys
13.06.2016
Dear Sir / Madam,
No, the new Company that has taken over the previous Company, its Board and Management become liable to repay and settle the bank debts, unless specifically agreed and mentioned otherwise.
Regards,
1) While taking over, all liabilities are also owned by the new company.
2) The new company has to clear the dues unless otherwise specified.
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