Legal Question in Credit and Debt Law in India
We two friends jointly applied for loan with a finance and received the amount through cheque in my name with written consent of another.We are co borrowers.After receiving the same I gave half the amount to my friend by a account payee cheque.The finance has taken action against both us.The another partner is denying or cooperating to settle the due by saying that I am responsible for this loan since the finance has given the cheque in my name. I this case I request your legal advice.
2 Answers from Attorneys
The loan agreement was signed by both the co borrowers ?
If so you are both responsible for the full amount.
Your partner can not hide from his responsibility.
IT IS DEPEND UPON THE LOAN AGREEMENT. IF BOTH OF YOU SIGNED THE SAME THEN BOTH OF YOU ARE RESPONSIBLE.FOR DETAILS CONTACT 09874753359
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