Legal Question in Banking Law in India
i am a gurantor in this case,i gave the gurantee against cash credit facility to my known person,now my known person is not in place and he sell out all property belonging to him and now bank is after me and bankers send notice to me to pay all the amount and notice given to my socity to that i can not transfer or sell my property, bank want my socity to lein my property to them.
Pls tell me what to do this matter is 15year old.
Asked on 10/13/10, 1:47 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
You as guarantor is liable to pay the debt guaranteed. If you don't pay, the bank will attach your property. If the debt is time barred, contest your liability, through legal counsel.
Answered on 10/14/10, 7:47 pm
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