LawRato

Gurantor : For A Friend Defaulted


06-Mar-2023 (In Civil Law)
Hi, I was acting as a bank gurantor for Rs 25 lakhs for my friend for a residential property which is mortage. My friend has defaulted and not paying money which has invoke society to recover money from my account of rs 6.51 lakhs. How do I recover my money ?
Answers (2)

Answer #1
625 votes
Well, you can file a case against your friend to recover Rs 6.51 lakhs, which you paid on his behalf, as a Guarantor for defaulting the loan EMIs. For this, you need to knock the doors of the concerned City Civil Court and need to file a Summary Recovery Suit.
Helpful? LawRato LawRato
Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRato Mumbai | 1000+ Answers
Chat with Advocate Pankaj Bajaj Chat 
Answer #2
823 votes
First of all you have to as soon as possible send a legal notice to your friend for whom you have stood as guarantor other wise till the time he does not pay emi you will be in trouble and then also file a case for recovery of amount
Helpful? LawRato LawRato
Advocate Juhi Qureshi

Adv. Juhi Qureshi

LawRatoPune | 200+ Answers
Chat with Advocate Juhi Qureshi Chat 

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 Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Civil lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato