PARTNER'S LIABILITY

Querist : Anonymous (Querist) 04 January 2010 This query is : Resolved
WE (A PUBLIC LIMITED COMPANY) ARE ONE OF THE PARTNER IN A PARTNERSHIP FIRM. WE HAVE PROVIDED CORPORATE GUARANTEE TO THEIR BANK TO SECURE THE BANK LOAN AVAILED BY THE PARTNERSHIP FIRM.

WE WOULD LIKE TO KNOW THAT IN CASE THE PARTNERSHIP FIRM BANK ACCOUNT HAS BECOME NPA AND LEGAL PROCEEDING INITIATED BY THE BANK AGAINST THE FIRM, WHETHER IT WILL AFFECT OUR BANK LOAN ACCOUNT MAINTAINED WITH SOME OTHER BANK AND TO WHAT EXTENT WE ARE LIABLE FOR REPAYMENT OF THE DEBT DUES TOWARDS THE BANK OF THE PARTNERSHIP FIRM.

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Raj Kumar Makkad (Expert) 04 January 2010
A guarantro is equally liable as a loanee so if the partnership firm's account has become NPA in which your company had become guarantor is equally liable to pay and your loan account maintained with even some other bank can also be affected by this non-payment matter,

Querist : Anonymous (Querist) 05 January 2010
ANY FURTHER OPINION PLEASE

Khaleel Ahmed Mohammed (Expert) 10 January 2010
I agreed with Mr.Raj Kumar.

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