Legal Question in Banking Law in India
personal guarantee given by my father as director of a limited company,my father is no more will the liability affect his assets or his legal heirs
Asked on 9/11/13, 4:40 am
2 Answers from Attorneys
Fca Prashant Chavan
Expert Edge LLP
11.09.2013
Dear Sir / Madam,
As the guarantor is the surety towards the loan repayment, the bank has the option to fall back on the guarantor and his legal heirs to settle the net outstanding dues, after exhausting all means of recovery from the original borrower, and if the original borrower is declared "insolvent".
Regards,
Answered on 9/11/13, 8:46 am
KarVai Legal Solutions
Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in
the lender can implead the legal heirs as a party.
Thanks and Regards
Adv. Rajiv
Answered on 9/11/13, 8:55 am
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