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.

  • Send a legal notice for recovery of dues @ Rs. 1999/- only

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