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Q. Implication of Personal guarantee (without mortgage)

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Mukesh Jain

posted 1 year ago

Q.Implication of Personal guarantee (without mortgage)
Sir,
Please advice me regarding the following issue:
1. One of the firm in Ahmedabad (Roller Flour mill) took term loan of Rs.2.50 crore from GIIC, Ahmedabad in 1996. During 2006, GIIC has filed a civil suit for recovery of dues to the tune of Rs.11 crore.
2. BIFR has declared the unit as Sick Unit
3. I have given personal guarantee.
4. In the details of property column, the details of property which is given is dubious. Neither I have submitted any papers related to my property.
5. In fact, i was an employee working for the company. But he made me as Director (on papers).
6. As on date, I dont have any property. But I am a Govt. employee. Please advice regarding the legal implications on me.

Mukesh

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 5 months ago

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A. ) dear client in your cases it seems to be your case appears to be complicated. Please consult for a proper advice.

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Johnson Thangiah

Experience: 18 Year(s)

Responded 1 year ago

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A. ) Sir,
You are a govt employee and the director of the company.Are you got permission from govt for directorship of your company.Govt rule is every govt employee should get govt approval for holding any post.Do you have ROC registered number.If not you did a mistake of concealing your details.It a serious violation of govt employee.So it is very tangle matter.

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Ambrose Leo

Experience: 9 Year(s)

Responded 1 year ago

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A. ) Your case is complicated & have serious repercussion. Since when you are director, still are you Director of the sick Unit under BIFR and liable for all action of the company.Better consult a senior Lawyer Expert in BIFR cases and protect yourself & your liability and action of the recovery institutions that may be imposed on the sick company directors.

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