LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

p.damodar (sr.admin)     27 December 2012

Wittness to chit fund company

 

 

I am employee of LIC and I have given witness to my neighbour who had taken chit of Rs.10 Lakhs from chit fund company in the year 2007 and he had not paid blanc e amount of Rs.1.5 lakhs. Now he was not here and where he is not known. I and other 2 persons given surety for this chit fund company. Now Chit fund company coming to my house and telling that case aginst him was declayed and court persons will be coming to my house and telling that they will recovering your assets if u not pay and other 2 persons where not available. If the 2 persons will not be available, I use to pay the whole amount. Please give me adivise is court persons recover my assests which was not mine it is my father property

Can any one can give advise to solve my problem



Learning

 1 Replies

Advocate Rohit (Advocate)     27 December 2012

since you acted as a surety/guarantor therefore you become liable if the borrower is not traceable.

 

But the company first needs to proceed with case against the borrower and look to attach his/her property and even after that the are unable to reover their dues then only they can demand from the guarantor for the balance amount.

 

it is must to have an advocate who could guide you personally.

 

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register