18 August 2019
My friend taken a loan which he put me as a guranty , He is not paying the EMI, loan type : personal , 4.0 lakhs Finance firm is asking me , and telling they will take take legal action against me , in what way i can protect my self ? I am also with financial burdens ,
30 August 2019
As already suggested, recovery could be made from a surety only if there is a decree from a Court or an award in an arbitration proceedings (if so provided in the loan agreement). The factum of IP proceedings could be pleaded in such proceedings before the Court or the arbitrator.