Legal Question in Banking Law in India
i am a gaurantor for a educational loan of 40000/= the party has not received any education form the institute to which it had paid. not the bank is after the gaurantor for payment how can i avoid this liability.
Asked on 8/30/10, 4:05 am
3 Answers from Attorneys
J. Radhakrishnan
independent Practice
you cannot escape liability to the Bank. After payment, file a consumer action against the Institute which has failed to give the necessary education to the principal borrower.
Answered on 8/30/10, 4:51 am
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
you can ask the defaulter to pay off the loan
Answered on 8/30/10, 11:41 pm
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Your liability is joint with the borrower. If the bank recovers from you, you may initiate appropriate proceedings against the borrower for recovery of the amount paid by you.
Answered on 9/06/10, 1:35 am
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