Legal Question in Business Law in India
i have given a guarantee for a cash credit (cc) limit. The principal debtor is not able to maintain and pay the cc and is on verge of becoming a defaulter. The property of principal debtor is also attached to this cc.
1. The bank is negotiating with me as a guarantor to push the principal debtor to pay the loan. am i safe against the liability of loan as the property is attached to the loan.
2. if i pay the loan will the property be transferred to me instead of principal debtor
Asked on 8/22/13, 7:49 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
23.08.2013
Repeat query ... already answered ... any further reply only on payment.
Answered on 8/22/13, 11:10 pm
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