Legal Question in Banking Law in India

My father has stood as guarantor for his friend who took a loan from a Bank in the year 2000 against his property. Now that friend is untraceable and the bank has slapped a notice for recovery on my father also. I would like to know if my father is liable, is not the bank suppose to sell of the property and recover the loan.


Asked on 2/11/13, 4:03 am

4 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

The answer to your questions are here in below :-

1) YES

2) YES.

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Answered on 2/11/13, 4:14 am
Jayesh Desai Jayesh Desai

Subject to law of limitation; your father is liable to pay. Consult a lawyer with all papers.

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Answered on 2/11/13, 10:14 pm
Fca Prashant Chavan Expert Edge LLP

12.02.2013

Repeat query ... already answered.

Regards,

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Answered on 2/12/13, 10:08 am


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