Legal remedy of bank loan guarantor

Querist : Anonymous (Querist) 25 March 2022 This query is : Resolved
I am an employee of a CA firm ?
(1) My chartered accountant has made me a guarantor in his client's bank vehicle loan
(2) On the request of my chartered accountant, I became guarantor of his client with a good intention.
(3) My CA'S Client is not repaying his loan so his bank vehicle loan has become NPA
(4) Due to which my CIBIL has also become bad and I am in a lot of mental stress.
(5) I have requested my chartered accountant many times to repay the loan but his client is not repaying the loan till day.
(6) When I wanted to take back my guarantee from the bank, the bankers refused to cancel my Guarantee without repaying the loan.

What legal remedies can I get for this fraud that happened to me?
Can I take any legal action against my chartered accountant?

please help me get out of this situation…thank you all

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kavksatyanarayana (Expert) 27 March 2022
File recovery suit against the client and CA

Dr J C Vashista (Expert) 28 March 2022
CA can not be sued.
The borrower is liable to compensate you, file a suit for recovery through a local prudent lawyer.

P. Venu (Expert) 28 March 2022
Yes, proceed against the borrower in a civil action with an IA for pre-trial attachment of his property. There is no harm in making the CA also a defendant if you have credible ev idence of his alleged complicity.

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Legal remedy of bank loan guarantor

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