need guideline

If you have informed the bank in writing and if the Bank has not taken any action, you shuld serve a notice 9through an advocate) narrating all the facts and also stating that person is likely to go abroad. You should also state that, you are released as gaurantor as the bank has not taken any actions.

I do not agree with Mr.Rasik Dagli.   Mr. Prasant, please note that the liability of the guarantor is co extensive with that of the principal debtor. The law is very clear in this position. The bank has the sole discretion to proceed against anybody or both (principal debtor and guarantor).  Usually the bank will proceed against both.  You cannot be released from the liability unless the dues to the bank are settled.

The law stated by Krishna is correct that liability of the Gaurantor is co-extensive with the principal debtor. However, it is important to note that He Gaurantor) has  informed the bank about person migrating to U.K. and sale of computer. In the changed circumstances, the bank should have taken actions to preserve the security. If the bank fails to take actions , the Gaurantor can certainly plead that he is obsolved from the liability. The case will be decided on facts when it goes to court.

Rasik Dagli

Advocate  

The law stated by Krishna is correct that liability of the Gaurantor is co-extensive with the principal debtor. However, it is important to note that He (Gaurantor) has  informed the bank about person migrating to U.K. and sale of computer. In the changed circumstances, the bank should have taken actions to preserve the security. If the bank fails to take actions , the Gaurantor can certainly plead that he is obsolved from the liability. The case will be decided on facts when it goes to court.

Rasik Dagli

Advocate  

Learned Friend Rasik Dagli is quite right. File suit and obtain stay order is only remedy for time being against notice so no action shall be initiated by BOB.