Guarantor for a chit fund loan

I'm one of the guarantor for a person who availed loan in chit funds. He defaulted the payment. After two year span, the chit fund has initiated court proceedings against all the pupil who signed. Total 8 pupil have signed, all are colleagues only. None of us were aware that we all signed. Only after receiving the notice , we come to know about it. None of responded to notice, as the person who defaulted said I'll somehow pay and get things settled. So we remained idle. Second notice too came , we have not responded for the same reason. Now court directed for a recovery of that amount from the salary. Literally, I'm a medical patient nearing my retirement. Kindly someone tell me, do I have any legal option left at this moment? Honestly, I'm not aware that he has availed loan of above 50 lakhs. Even, he himself have taken my salary slip and self attested it and submitted it to the chit funds. He was a government school Additional HM . He used that post to take salary slips without my knowledge and request at all. Experts, Please help me.