i want an urgent suggestion about the responsibility...
arvind
(Querist) 29 October 2009
This query is : Resolved
sir,
i was working with a pharma company. the owner of that company borrowed loan from the Punjab National Bank as a CC account. he made me guarantor. for this reason i deposited the sum of 40 thousand rupees in that bank as a guarantor. this is the instance of 2001. three other peoples were guarantor like me. then i left my job from the company in 2006. furthermore i was not willing to be the guarantor. i requested to my boss to remove my name from the guarantor. he promised me to do the same. but in 2009 i got a legal notice from the bank to repay the dues of the loan's principal ammount and interests over this amount. now i am anxious regarding this issue. because i was just a guarantor not borrower. and i never signed any document to renew my guarantee. the owner of that company is not in my contact. and he is neither in reach of the bank since 2007. this is same for the other three guarantors too. but i am living at my present and permanent address. as i was genuine in all regards and i did faith on my boss that he would remove my name from the guarantor list.
now i am not able to understand what should i do?
neither i am able to understand what kind of action would be taken by the bank on me as a guarantor. nor i understand the responsibility of a guarantor like me to the bank.
please help me out. for what action should i take to get rid of this unwanted cheating from me by my boss and mental and social assault done by the bank to me.
i would oblize u forever.
urs sincerely.
Raj Kumar Makkad
(Expert) 29 October 2009
All these aspects must have been thinked by you when you became ready to become a guarantor of your earlier boss. Once you became, you accepted all responsibilities of the loanee and now you have no ocassion to resile your role. You are equally responsible as of the loanee and cannot be exonerated just on the ground that you had told your earlier boss to remove your name from the list of the guarantors. It was in the domain of your earlier boss to remove your name rather it was bank who could have done had you approached there with loanee but you didn't avail all those opportunities in your favour and remained careless.
Now you engage a local lawyer of your area who shall ascertain whether the loan is barred by limitation or not? If yes then defend the case, if filed vigorously and if the renewal has been made then meet the officials of the bank and apprise your position. They can reduce the entire amount of the interest and can accpet only principal amount, if you show all such reasons as pleaded by you in your quarry.
adv. rajeev ( rajoo )
(Expert) 04 November 2009
U cant do anything now. When principal borrowr is in default then gurantoor will be held liable.
u could have changed instead of relying on ur boss, it is your mistake.
Bank can file a suit for recover of money.
Try to find out where is your boss and if he has got any immovable property then informed the bank immediately so they can file a suit on ur boss and can attach the property.
