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
