Accused in jail for alleged economic offence what is the liability of the guarentor is it limited to the bond amount or the extent of the alleged fraud amount of the accused ? also is the guarentor likely to be arrested in case of non compliance by the accused thaks umesh
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The contract of guarantee is a civil liability which can be extended to bring under the purview of criminal jurisprudence.
The guarantor is liable not more than what he has contracted with the principal borrower. So there is no question of arresting the guarantor.
The liability of the guarantor is co-extensive with that of the borrower to the extent of the amount which is to be repaid. The guarantor can also be arrested along with the principal borrower, to preempt which he can apply for anticipatory bail.
its depend on the guarantee which was given by the Guarantor, if the guarantee is limited then only the limited amount may be paid otherwise guarantor is liable to pay all dues.
it will be better for guarantor to contact a lawyer personally with all the documents to get best advise.
The guarantor will be liable for the amount what he stood guarantee for the borrower and not beyond that.
If the lender/complainant has any grievance against the guarantor, he can approach civil court only for recovery of amount from the borrower or from the guarantor and he cannot claim remedy through criminal laws because the guarantor never cheated the complainant.
A SURETY BOND is given by another person, usually someone with influence or authority over the accused, as a guarantee that the accused will be present before the court. If the accused fails to appear, the guarantor forfeits the money.
