Upgrad LLM

can employee be a guarantor ?


Dear  Sir,

 
Before  12  years  , I  was   a  employee  of  the  pvt  ltd  company.
 
Owner  had  defaulted  the  loan  taken  from  financial  Institute.
 
To  repay  this  loan,  He  applied  for  fresh  loan  from  a  co operative  bank,  and  offered plant  machinery  and  his  flat  as  a  collateral  security.
 
At  that  time  owner  and  bank  officials  asked  me  to  sign  as  a  guarantor  by  assuering  me  that,  I  will  not  have  any  problem ,  if  the  owner  will  not  repay  the  loan,  as  there  is  enough  collateral.
 
I  signed  as  a  guarantor ,  bank  officials  were  aware  that  , I  am  a  employee  of  the  company.
 
Now  the  company  is  NPA  and  owner  is  not  repaying  the  loan  and  bank  officials  are  not  recovering  the  amount  from  him.
 
And  are  behind  me .  They  freezed  my  saving  account.
 
What  should  I  do ? 
 
Regards,
 
Narendra
 
 
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