Debt recovry notice by bank plz give suitable advice
My bro had taken bussiness loan 3yr ago....without telling anyone at home..now bank file debt recovry case against him.there is a final notice that if don't pay the debt kurki order would be passed..so my question is that if kurki order passes thn bnk only seal his machinery or bnk has right to seal our property as we r undivived family .all poperty are in the name of father.as we r not involved in any loan process how we defend ourself
Such issues are quite common and you can very Well defend your property. Firstly we need to be. Clear whether the property was mortgaged against the loan or not. Is the proceedings by the bank under the SARFAESI ACT followed by a notice under S. 13 thereof?
Yes you can write to the bank if the property was mortgaged that it does not only belong to your brother.
Advocate Vanshdeep DalmiaJor Bagh, Delhi
The agreement between the bank and your brother will determine whether your house could be attached etc. However, the fact that the house is in your father's name makes it highly unlikely for it to be proceeded against and so to prevent kurki you may file an application before the DRT
Advocate Rajat JosephNizamuddin East, Delhi
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