Guaranter satatus
sanjay mittal
(Querist) 12 May 2012
This query is : Resolved
my frnd took loan of rs 23 lacs from haryana financial corporation for running a steel unit. i also signd the loan papers as an personel guaranter, i wasn ask to submit or show any of my property papers to haryana finanance corporation. they just askd for sign and i did it.
after two years his factory went into loss and acording to hfc rules they auctiond that unit, still out standing was there and he wasn able to repay , so he was sent to jail for 40 days. same time i also used to get notice from corp to pay the outstanding amt.
now as i dnt have any sort of property on my name, m confused what to do nxt. i want to know weather hfc can put me in jail too? pl help
Arvind Singh Chauhan
(Expert) 12 May 2012
Yes they will issue recovery certificate through district administration and in default may send to jail. You can't escape from your liability. Just seriously go through the notice and loan terms and condition and take help from a lawyer.
ashutosh mishra
(Expert) 12 May 2012
i want to know weather hfc can put me in jail too?
WHY NOT?
ajay sethi
(Expert) 12 May 2012
liabilty of principal debtor is coextensive with that of guarantor .
if principal debtor has failed to repay loan then the outstanding dues can be rcovered from the guarnator .
if recovery certificate is passed against you then in execution proceedings your property will be attached and sold . if you dont have property then they can proceed against you personally
Shonee Kapoor
(Expert) 12 May 2012
Nothing left to add.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
SAINATH DEVALLA
(Expert) 12 May 2012
You have stood as a gaurantor,for a loan of 23 lakhs.As a gaurantor,they would have asked you to furnish some kind of colleteral security.Without the documents even a lay man on the road can stand as a gaurantor.So,you can be the next target.
sanjay mittal
(Querist) 14 May 2012
thx everybdy. mr sainath here only m confused, while getting my sign they just took my house address, they didn ask me even what i do or if im having any sort of property on my name or not. they just said its an process just to insure that 2 or 3 ppl know the loani, so i signd it. they called me as an personal guaranter in that document....
