CGTMSE is providing collateral free loans to MSMEs upto 2.00 Crs.
Q 1. For a LLP borrower can Bank take Guarantee of partners??
Q 2. If yes, suppose there are three partners including two Co. and another one LLP, the Guarantee can be taken by banks from
. Designated partner or
. Designated/nominated individuals or
. From both?
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Replies (1)
In case of an LLP (Limited Liability Partnership) borrower, the bank can take a guarantee of the partners. The answer to the second question depends on the specific circumstances and agreement among the partners.
Regarding the second question, if there are three partners, including two companies and one LLP, the guarantee can be taken by the bank from the designated partner or designated/nominated individuals or both, depending on the agreement among the partners. The designated partner is responsible for compliance with the LLP agreement and relevant laws, and it is advisable to take their guarantee first. However, if the agreement among the partners provides for a different arrangement for guarantee obligations, such as sharing of liabilities among partners or certain partners assuming greater responsibility, the bank may take guarantees accordingly.
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