Definition
A person who gives a guarantee to repay a debt if the principal borrower defaults. In banking, personal guarantees of directors and promoters are typically required for corporate loans. Under SARFAESI, guarantors can be proceeded against — their properties can also be attached under the SARFAESI Act if they are mortgaged or charged as security.
Need Expert Advice on Guarantor?
For specific advice on how Guarantor applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates