Liability of heir of a Guarantor after death of Guarantor
3 years ago
My father was guarantor to for a loan secured by his company. The company went under and the banking institutions filed to recover the pending money. My father also filed for Insolvency. However, he died befor ethe insolvency petition was approved by the court. Now the bak is after us, the heirs. However, we weren't passed down any assets from him. Could you please tell us, if we are to be held liable to pay of the debts? How does S 131 operate here and if there are some cases that talk of this exception.
A.If you have not inherited any property from your father, you declare you are unable to pay. You can ask for me in Vidhikarya to defend you.
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A.No, you cannot be held liable for your father's loans. Any assets he gave as security will be appropriated by the bank, but you will not be personally liable to pay out of ur pocket. But, better way sell off the actual property u have inhand, in order to avoid further harassment.
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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A.Hi,
Any assets your father had given as security to the bank will be taken by them. Beyond this, you will not be liable for his actions.
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Any assets your father had given as security to the bank will be taken by them. Beyond this, you will not be liable for his actions.
If you found this helpful, please rate us.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
No, you cannot be held liable for your father's actions. Any assets he gave as security will be appropriated by the bank, but you will not be personally liable beyond this.
If you found this helpful, please rate us.
No, you cannot be held liable for your father's actions. Any assets he gave as security will be appropriated by the bank, but you will not be personally liable beyond this.
If you found this helpful, please rate us.
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