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I AM GURANTER IN A PVT LTD CO WHO IS NPA NOW. CAN BANK HARASS ME?
10-Oct-2023 (In Corporate Law)
I AM A HOUSE WIFE AND I GAVE GUARANTEE TO MY BROTHER'S COMPANY. I HAVE NOT INVEST ANY MONEY IN THE COMPANY NOR I OR MY FAMILY HAVE ANY SHARE OF THE COMPANY. NOW THE COMPANY DECLARE NPA . CAN BANK HARASS ME OR THEY CAN DECLARE ME WILL FULL DEFAULTER? ANURADHA AGARWAL
Technically, if the company is being proceeded against under the SARFAESI Act, property which has been set as collateral will be seized by the bank to recover its dues.
However, there are ample court decisions that have struck down proceeding against an individual in such situations as the bank should take collateral from the limited liability company.
Please file a police complaint if you are being harassed by the bank and file a complaint with the RBI as well.
However, there are ample court decisions that have struck down proceeding against an individual in such situations as the bank should take collateral from the limited liability company.
Please file a police complaint if you are being harassed by the bank and file a complaint with the RBI as well.
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The liability of the guarantor is co-extensive with that of the borrower and the guarantor is equally liable to pay. Rest would also depend on the clauses of the guarantee agreement which you would have executed. In case the borrower does not pay back the loan the bank will come after you.
Helpful?
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Adv. Diggaj Pathak
Delhi | 25+ Answers
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