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Head Note

Civil Law  - Liability of Guarantor

Bank Loan - Liability of Guarantor - Letter of Guarantee signed on 30.8.2023 by Respondent Nos. 2 to 4 makes no mention of any old transactions, although it specifically records that the liability of the guarantors cannot exceed 12 lacs - Letters of Guarantee could easily have recorded the liabilities outstanding against the Respondent Company on 30.8.2023 with an affirmation from Respondent Nos. 2 to 4 that they were guaranteeing these outstandings - There is no such acknowledgment or assumption of liability in the subject Guarantee - Guarantee Deeds executed by Respondent Nos. 2 to 4 on 30.8.2023 rendered them personally liable for any transactions or advances made by the Appellant Bank to the Respondent Company after 30.8.2023 - It is not open to the Appellant Bank to pursue Respondent Nos. 2 to 4 for recovery of debts incurred by the Respondent Company in favour of the Appellant Bank - Clarified that decision is founded on the evidence that has been recorded in this suit and should not be misunderstood that Court have held that a guarantor can, in no circumstances be fastened with liabilities which had been incurred in the past which the guarantor assumed liability for.

Topic(s)-Bank Loan - Liability of Guarantor - Not liable for past liability