queswhat is the liability of guarantor in corporate loan

Is there a criminal offence on the part of the guarantor if he/she is not able to repay a default on a corporate loan?

  • ansYes, the property of the guarantor can be legally attached to recover the pending dues. Recovery proceeding might be initiated for recovering the pending amount with interest. The original terms and conditions of the document signed would be required to referred to for seeking resolution or the procedures that specifies recovery of defaulter loan.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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