Shailesh Panchal 22 September 2019
Adv Deepak Joshi +917017821512 (Advocate) 23 September 2019
G.L.N. Prasad (Retired employee.) 23 September 2019
The purpose of seeking personal guarantee is to make all directors individually liable and properties of directors are liable in case of default, as they are co-oblligants.
SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 23 September 2019
The name itself is Personal Guarantee. Therefore, the properties of the person who gives such a guarantee, can very well be attached.
Shailesh Panchal 23 September 2019
Shailesh Panchal 25 September 2019
SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 25 September 2019
Under normal conditions, the answer is "No".
However, if there was a transfer of property from the Guarantor to the Parents just to avoid the asset being attached, such transfer shall be questioned and the property goes into litigation.
Adv Deepak Joshi +917017821512 (Advocate) 26 September 2019
Adv Deepak Joshi +917017821512 (Advocate) 26 September 2019
G.L.N. Prasad (Retired employee.) 26 September 2019
Banks are not that foolish to take actions illegally while taking personal guarantee, they must have obtained a statement showing assets and liabilities duly certified by the guarantor, and they will make further check through private detective agency (Third party) and records all assets of guarantor. Depending on self declaration bank takes further actions, after getting on record the legal opinion, and superior's orders.
Shailesh Panchal 13 October 2019
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