177+ Lawyers are online 
Hello Sir/Ma'am,My father and other 3 members taken loan in 2014 of 35000 from co-operative society.
16-Jul-2023 (In Recovery Law)
Hello Sir/Ma'am,My father and other 3 members taken loan in 2014 of 35000 from co-operative society. They were 4 members whose given witness for each other. My father cleared his dues and got NOC. But other 3 members did not cleared there dues till now also 2 members are died already. We have death certificate. We are getting notice and awards from arbitration for this 3 members recovery of amount 1 lakh each. We have submitted death certificates and pension accounts of 2 died members. Help in t
If you are only getting the notices to attend the arbitration proceedings then you will have to reply to the notice within the stipulated time frame. And if the matter has reached the court then you must prepare your file with all evidence and convince the court that they have not taken the guarantee. For more legal assistance I am just a call away.
Helpful?
Adv. Jitender Singh
Delhi | 500+ Answers
Chat
What happens when primary borrower dies?
The mortgage continues to exist after the borrower's death, but, unless there is either a cosigner or a spouse who survives, no heirs of the deceased are responsible for the mortgage. 14 Nov 2023
What happens to loans when a borrower dies?
The lender cant demand repayments from the borrower’s family if the borrower dies. In this case, the lender is likely to take the loss and write the loan off as a NPA (non performing asset). Remember that this is for a personal loan instant without security or collateral. 31 Aug 2023
Can loan be recovered from legal heirs?
If the loan is secured
After the death of the borrower, the lender will approach the legal heir in order to recover the amount owed. The lender may auction the pledged asset if the legal heir does not repay the outstanding amount. 7 Sept 2023
How can the loan be recovered after death of principal borrower?
How can lenders recover personal loans after the death of a borrowers? The legal heirs of the deceased are liable for repayment of the loan to the lender to the extent that they receive the Estate of the deceased.
For better assistance, we need more information about the arbitration matter and loan documents. As per your query, The matter is in your favour. But I cannot suggest anything without reading the documents of the case. Kindly connect me for proper representation of your case.
Helpful?
Adv. Mohit Rajput
Delhi | 100+ Answers
CONTACT NOW
You will have to first submit the death certificates which should be attested and all the closure details of submitting the said amount to the authorised persons and than only something can happen
You can contact me for further process.
You can contact me for further process.
Helpful?
Adv. Avnish Singh
Delhi | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Recovery lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
