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Overdraft facility is pending for payment partners not responding


22-Feb-2023 (In Recovery Law)

Dear Sir, My husband had got a company formed with 2 other partners by keeping our house documents as surety. Now that the company did not do well we had to close it and the overdraft facility is pending for payment. The other 2 directors are not responding and our house will be auctioned for the same. Now that my husband passed away a month back all the responsibility is on me. Please help me in solving this problem.

Answers (2)

Answer #1
617 votes
It seems to me that the Bank is involved in your case. If the Bank is involved, they might have also approached the Debt Recovery Tribunal so you should check that. If you have received any auction notice about your house, please contact a lawyer at the earliest to make an attempt at obtaining a Stay Order against the auction. If the auction takes place, it will create complications for you. Please collect all the documents from the Bank, including the details of the partners, the business and the financial statements. This is an extremely time-sensitive matter, please treat it urgently. Please note that my legal advice is not final and without looking at the relevant documents and without obtaining further information from you, I cannot give a complete solution. For further clarifications, please feel free to contact me.
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Answer #2
635 votes
Dear Madam, Unless proper legal intimation made to you the bankers can not auction your property. If at all if you had received legal notification for auctioning then you need to approach lawyer for interim stay. I am not sure about value of the overdraft amount and reason behind house document pledged as surety. Need to understand problem clearly.
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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.

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