Legal Question in Credit and Debt Law in India

I had signed in a copy of reference for one of my ex-collegues in his House loan papers. Now, He had not made any payment of his loan and out of place, nobody can't find out him.

Now, the bank told me that as I was the gurrenter so I have to paid the amount otherwise they will take legel action against me.

It is true that I had signed the paper but I was informed that it was a paper where they need referencer details not as a gurrenter. Probably my collegue cheated me and now I couldn't able to found him anywhere.

One more things, I want to mentioned that the company was lockout since last 11 years and he had taken the around 12 years before.

It is not possible to me to remind all the things which had done previously.

Please help me and give the councel by which I can find out the way.


Asked on 9/06/13, 8:10 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

06.09.2013

Dear Sir / Madam,

The onus is on the bank to prove and furnish evidence of two things :

1. That the bank has first contacted the legal heirs of the missing original loanee for recovery of all loan dues from them and;

2. To produce documentary evidence showing that you were the guarantor and that you have signed to the effect that you guarantee the repayment of the loan.

You should ask the above two questions to the bank, if and when you receive the legal notice from them.

Regards,

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Answered on 9/06/13, 8:42 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

we need to check whether the papers that you have signed, have been signed as a guarantor or as a reference.

Thanks and Regards

Adv. Rajiv

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Answered on 9/06/13, 9:15 am


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