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Employee as a guarantor for loan to company now harassed by banks
11-May-2023 (In Banking / Finance Law)
Greater Bombay Co-Op. Ltd Mumbai had allotted mortgage loan of 1.50 crores to the company Circle K.S.Polyset Ind. Pvt. Ltd. in the year 2006 by mutual understanding with the director of the company & Bank Officers. I was the employee of the company my salary was Rs 10000/- i was the accountant of the company. Bank has executed Guarantee documents with me. i was employee of the company so i have force to sign the documents. In 2007 company fall under NPA & director made letegation in his all property.
Dear sir, liability of borrower and guarantor is co-extensive and once you sign the guarantee, your salary and financial ability is irrelevant for bank for the purpose of prosecuting for decree. its absolute discretion of the Bank to whom to select as guarantor.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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