Guaranter

DEEPAK DHAMEJA (Querist) 07 January 2014 This query is : Resolved
IF I M GUARANTER TO SOMEONE FOR Rs. 200000/-
AS BORROWER. BECOME INSOLVENT AND DECLARED BY THE COURT.
BUT HE HAS DECLARED IN THE COURT THAT HE HAS BORROWED Rs. 200000/- THURU ME.
NOW WHAT WILL BE THE LEGAL POSITION OF ME IN COURT OF LAW ?

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ajay sethi (Expert) 07 January 2014
creditor will seek to recover money from you as guarantor

Guest (Expert) 07 January 2014
Academic & hypothetical query. Where was the need to declare that he borrowed the amount through you when the lender must be knowing who was the borrower and would have possessed the recorded guarantee given by you?

SHIRISH PAWAR, 7738990900 (Expert) 07 January 2014
After declared by court as insolvent, borrower's declaration that he has borrowed money for guarantor will not change any legal position. In any case with declaration and without declaration bank will the right to recover balance or full amount from guarantor.

Rajendra K Goyal (Expert) 07 January 2014
Agree with the expert PS Dhingra ji, this is Academic & hypothetical query.

Lender can recover the balance of outstanding from Guarantor after recovering from the estate of borrower if any.

R.K Nanda (Expert) 07 January 2014
creditor will recover money from you being guarantor.

Sudhir Kumar, Advocate (Expert) 07 January 2014
met lawyer with paperss.

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