Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

deepak (NA)     19 April 2015

Can a residential house be attached in loan case

My question is can a residential house be attached in loan case. My mother was a guarantor in a loan case . The man who took the loan fled and could not be found. Now we have lost the case in DRT. there are two properties mortgaged with the bank one in the name of my mother and the other in the name of Debtor. I wanted to know what if total amount was not recovered . Can the DRT attach our residential house which is in the name of my mother and father jointly. Please Help me out . We have only one house. 



Learning

 1 Replies

Kumar Doab (FIN)     19 April 2015

The bank can plead to share of the mother (guarantor) only.

Can you arrange some buyer for the property of principle debtor and offer to buy at price sufficient to clear the debt.

 

Otherwise the banks go for e-auction and price offered may not be sufficient.

 

If you a\have engaged a lawyer your lawyer that is well versed with full details  can advice you the best.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register