Implications of personal guarantee (without mortgage)
Mukesh
(Querist) 01 April 2018
This query is : Resolved
Sir,
Please advice me regarding the following issue:
1. One of the firm in Ahmedabad (Roller Flour mill) took term loan of Rs.2.50 crore from GIIC, Ahmedabad in 1996. During 2006, GIIC has filed a civil suit for recovery of dues to the tune of Rs.11 crore.
2. BIFR has declared the unit as Sick Unit 2. I have given personal guarantee.
3. In the details of property column, the details of property which is given is dubious. Neither I have submitted any papers related to my property.
4. In fact, i was an employee working for the company. But he made me as Director (on papers).
5. As on date, I dont have any property. But I am a Govt. employee. Please advice regarding the legal implications on me.
P. Venu
(Expert) 02 April 2018
Are you a party in the civil suit? What is the present status of the case?
Guest
(Expert) 02 April 2018
You are Not only a Guarantor you are also an Director of the Company obviously the Suit would include or Implead you certainly. . Better seek the Legal Remedies with your Advocate in detail.
Mukesh
(Querist) 02 April 2018
Yes sir, I am a party in the civil suit. The civil suit is transferred to commercial court, Ahmedabad recently
P. Venu
(Expert) 02 April 2018
If so, what your pleadings in the Written statement?
Mukesh
(Querist) 02 April 2018
Sir, 13 years back I just engaged one lawyer from Ahmedabad. But, now I want to be sincere about this case. Please suggest me, how I should proceed?
P. Venu
(Expert) 02 April 2018
First of all, ascertain present status of the case from http://ecourts.gov.in
Mukesh
(Querist) 02 April 2018
The judgement as on 09.08.2017 is as follows:
"'The suit is ordered to stand transferred to
the Commercial Court, Ahmedabad. The suit be reÂ
numbered appropriately and the existing proceedings
be appropriately disposed of from the records of the
City Civil & Sessions Court, Ahmedabad''
