Legal Question in Banking Law in India
i wanted to know about laws of Indian co operative banks.
suppose to if i guarantor to someone for agree culture loan . but if this person not returned amount committed period . he wants more time to refund. but bank tourchering to guarantor and they bringing many obstacles of guarantor financial work.
so please let me know how what law says..
Asked on 4/30/14, 4:39 am
2 Answers from Attorneys
anuradha Dixit +9312411481
dixitlawfirm
supremecourt says that if the borrower fails to repay the loan the guarantor is liable to pay the amount.
Answered on 4/30/14, 7:12 am
Fca Prashant Chavan
Expert Edge LLP
30.04.2014
Dear Sir / Madam,
The Bank can only persuade the Guarantor to repay and settle the outstanding loan, only after the original Borrower has been legally declared an insolvent by the Court.
Regards,
Answered on 4/30/14, 10:45 am
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