kumar.......... (xxxxxxxxxx) 13 April 2013

Father's debt

My father is a property dealer and I'm an civil engineer. My father started the business in 2006 since after his retirement. For the growth of his business he has taken around 55lakh rupees loan on a huge intrest rate from the relatives and as well as from outsiders without my consent. Later his business collapsed and he got cheated by his partners.Due to consistent pressure from the financers he could not resist and left the home. Although I'm not involved in his business and not involved in his dealings still under trmendous pressure.Can you please suggest what should I do. I don't want to disconnect the relationships from my home town and simultaneously not able to dare to face those relatives and public. please suggest what should I do..........

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3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 13 April 2013

all legal heirs are responsible

Anil (lawyer) 14 April 2013

Please spacify the nature of his dealings, were the loans secured or not, any written documents such as bonds, agreements etc, have the creditors taken any action for recovery etc

Kumar Doab (FIN) 18 April 2013

Learned experts/members have given valuable advice.Kindly follow it and share the details.

Your father availed loan after year 2005, therefore ( If you are Hindu) the amendment as given below should offer you reprieve.

You may go thru Hindu Succession (Amendment) Act, 2005

(4) After the commencement of the Hindu Succession (Amendment) Act, 2005, no court shall recognize any right to proceed against a son, grandson or great-grandson for the recovery of any debt due from his father, grandfather or great grandfather solely on the ground of the pious obligation under the Hindu law, of such son, grandson or great-grandson to discharge any such debt...................

Valuable advice of learned experts/members is sought.