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Deivasigamani   06 October 2022

Cheque bounce

Dear sir/s

I have given guarantee for the loan took from money lender.  First party given interest so far suddenly absconded what is the issue can be raised against me please advise



Learning

 3 Replies

Pradipta Nath (Advocate)     06 October 2022

Abscond is not the end of everything. It is about declaring insolvent. The creditor will have to see every attempt like selling or taking possession of the property of the debtor, in spite of that if the loan repayment amount lacks, the guarantor need to repay.

Further it is your prerogative to remain as a guarantor or not after he absconded.

Deivasigamani   06 October 2022

Dear Sir/s

Thanks for the update.
the party paid 5% monthly  interest for a sum of Rs.3 lakhs also paid interest till june 2022. is there any possibility to revoke the guarantee and cheque given by me.

Kindly advise

Pradipta Nath (Advocate)     06 October 2022

Please clarify the absconding of the person. Is there any criminal case pending or warrant has been issued?


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