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Gurrantor arbitration award issue against Gurrantor


09-Apr-2026 (In Recovery Law)
--- **LEGAL CONSULTATION — GUARANTOR LIABILITY** **Scenario:** A cooperative bank gave a Rs. 70 lakh cash credit to a borrower in 2009. The loan was secured by 4 mortgaged flats. The bank invoked SARFAESI. An ex-parte arbitration award was passed in 2017 for Rs. 76 lakhs plus 13% interest under Section 84 of the MSCS Act, 2002. A partnership firm and its two partners (father and son) were shown as guarantors. The award itself states "the two partners are partners of the firm"
Answers (1)

Answer #1
919 votes
this is the scenario of your case what is your question, if an award is passed against you you need to file an appeal within 60 to 90 days of receiving the award and challenge the award which is pass against you and tell the award that the award is not valid and it is bad in law, and it is not binding upon you as a guarantor as a guarantor you have only responsibility if he is absconding, but if he is there and it is an award for recovery against you which is not valid
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