Legal Question in Credit and Debt Law in India

I am a guarantor for a loan taken by my friends. The loan has now become NPA. Can the bank liquidate my property , before liquidating the property of the borrowers. I have no support from the borrowers. How can i protect my property leaving aside the option of repayment. I am financially not that strong.


Asked on 6/12/11, 12:43 am

1 Answer from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

Generally, borrower and guarantor are liable jointly and severally. In such case, bank has option to proceed against all or anybody.

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Answered on 6/12/11, 2:22 am


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