Legal Question in Bankruptcy in India

I was a guarantor to one of my friend's Business Loan amounting to Rs.1 Crore in the year 2007 & 2008,a Private Limited company established under the company's Act 1956. I have not signed new Guarantee since August 2009 [As I have no terms with my that friend ].There were few alterations in loan amount by the Bank during the year 2009 & 2010. Since I have not signed as a guarantor since 2009 & I have not been informed or was made to sign any changes,if my friend becomes defaulter in the above case will the Bank come to me ? What preventive step should I take today for my safety in future ? Kindly advise. Thanks & Best Regards Sandip Shah


Asked on 3/03/11, 4:32 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

you need to check the loan agreement. in case the previous guarantor can be held liable, you may have to think of safeguards and in case in 2009 a new guarantor was required and you were replaced, you may need not bother much.

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Answered on 3/03/11, 4:47 am


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