Advocate Sunil Kadam

Questions Answered by Advocate Sunil Kadam (25+ answers)

Q: Father ran proprietor Company on my name and Fled away with Debt

He use to run the proprietor company while I use to study in different state. The company has 20Lakh debt (including GST) and recently during finishing my engineering I got to know that he has fled away and all this things he was doing on my name. I have just finished my studies and I'm really scared about this. I really don't know what to do. Please help. In desperate need of advice.

Advocate Sunil Kadam answered
Nothing to worry, if you were not aware about loan transactions then you can very well disown the liability and defend action of the Bank. You can also take defense about contractual ability to enter into contract and claim that acts of father are not binding upon you.

Q: recovery of car under forest act what to do

fir is registered on me one month before under IPC 379,420(34). relevant with forest act 42.i already got bail after 3 days MCR.police already give positive say about release of vheicle.but lawyer always make reason that steno is not available.judge is not available.PP will take objection.its already more than 15 days to give them application for property return..please help us...

Advocate Sunil Kadam answered
As per procedure you need to make Application for return of property to court where case is pending. Once application is made, court will call for say of PP. It never happens that PP is not available. If investigation is complete court will pass orders to return of property.

Q: What to do if we are unable to pay the installments

I and my had lost our .we did not have job for last 5-6 months.I have ICICI and HDFC personal loan going on but i am not able to pay the EMI due to finanacial crisis.ICICI only 1 EMI is pending and HDFC 2 are pending .wanted an advise how to handle the situation since bank people are harassing for EMI

Advocate Sunil Kadam answered
Better to clear EMI and if you are not able to then do not keep any properties are assets in your own name. Bank may file case and get attachment over it. Banks call to some extent are ok but if they exceed limits you better approach police.

Q: cash credit hypothecation stamp duty what to do

if bank enhansed cash credit hypothecation loan by 3 Lakh (old limit Rs.5 Lakh) total Limt Rs.8 Lakh how much stamp duty should take at the time of agreement of hypothecation?

Advocate Sunil Kadam answered
You are liable to pay stamp duty only on enhanced amount i.e. Rs.3 lakhs. Stamp Duty payable on agreement of hypothecation is 0.2% of Rs.3 lakhs, which is Rs.600. I believe that you have paid stamp duty on old instrument of Rs.5 lakhs as per rules.

Q: What to do if banker ask for goods and do not pay

I have a overdraft facility of 1 cr from a nationalised Bank for my business. While loan sanction i agreed for some investment in plans (as bankers get incentives) but didn't made it due to following extortion from bankers. After loan sanction 3 bankers who were involved in my loan sanction came to my office and purchased items worth 20,000 and did not paid for it. Then i received call from a senior official who approved my loan for requiring some items which i purchased from market and supplied to him, for that also i did not received any payment from him. He called me 3 times thereafter again for supplying some more items which i again purchased from market and supplied. Again did not received any payment from him. Now this has become a constant extortion. I have been called again for some more items which i don't want to send as i know that he is not going to pay for it. I am servicing loan on time. but still afraid that he can create problem for my business loan. Pls Help.

Advocate Sunil Kadam answered
Every Bank has their own vigilance department. You can officially lodge your complaint and put trap on them. Further, you can also complain to DGM or AGM under whom that Bank is functioning. Certainly there will be action from either of these officials.