Legal Question in Banking Law in India

Re: Bank Loan

If Mr X doesnot pay the Balance the loan balance cum interest shall be recovered from Guarantor.

Re: Bank Loan

Please contact a local lawyer immediately as reply to the notice considering the facts is needed first.

In case of need please contact personally alongwith the details.

Professional charges are applicable.

Re: Bank Loan

your friend should some how other impress mr.X to pay off the loan. Otherwise your friend will be held jointly and severally liable for the payment of the balance of the loan. No solution other than the one. Merely because both of them are central government employees is irrelevant.

Re: Bank Loan

Guarantor will be held liable where assets of the debtor remain insufficient to satisfy the repayment of loan.

Re: Bank Loan

Please contact on ph-09426334688 and also send all relevant papers such as copy of guarantee agreement executed, notice recd. from Bank, etc by email to enable me to give advice.. professional charge will apply

Re: Bank Loan

The liability of a guarantor is same as that of the borrower. It may be better to negotiate a settlement with the Bank in terms of RBI guidelines.