N.Damodaram Naidu (Head Master) 28 September 2013
Dear sirs,
I have given a guarantee to a friend for a chit along with two other persons one among them is an employee and another is a rich business man. Now the borrower became defaulter and the chit company filed a suit for recovery for chit amount. Among the three guarantors I and another employee are unable to pay. Can the chit company claim entire the suit amount from a rich guarantor? Can two of us get relief form that suit claim? please suggest.
Advocate Bhartesh goyal (advocate) 29 September 2013
Debtor and all guarantors are liable .chit company can recover the due amount with innterest and court expenses from any one all of you.
Sudhir Kumar, Advocate (Advocate) 29 September 2013
you have to pay if company decides to recover from you.
Sudhir Kumar, Advocate (Advocate) 29 September 2013
also repated
https://www.lawyersclubindia.com/forum/details.asp?mod_id=89447&offset=1
T. Kalaiselvan, Advocate (Advocate) 29 September 2013
The debtor together with all guarantors are liable towards the defaulted amount. There is no such thing called a rich guarantor shall pay the entire amount and the others will escape the laibility.
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