Supreme Court of India CIVIL APPEAL NO. 4613 of 2000
INDUSTRIAL INVESTMENT BANK OF INDIA LTD. Versus BISWANATH JHUNJHUNWALA
Date of Judgment: 18 August, 2009 Judge(s): Dalveer Bhandari,H.L. Dattu
apex court has ruled that the principal debtor and the guarantor or surety are both equally liable to be proceeded against for recovery of a loan by the creditor. This means, if your friend was evasive in paying back the loan, then the bank would be fully within legal limits to initiate proceedings against you for recovering the outstanding loan amount.
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