Personal guarantee
Rajiv Panchmatia
(Querist) 26 December 2018
This query is : Resolved
My father stood guarantor for a loan taken by a pvt ltd company in which my uncle and his son are directors.Apart from the guarantee the bank has taken personal properties of my uncle and father.Now the account has become NPA and the bank has sent notice of attaching the secured properties under serfasi.My father has now transferred all his properties which have not been secured to the bank on my name by a registered gift deed.My question is will all those transferred properties remain safe or can the bank attach them by filing a suit for fraudulent transfer.Till now there has been no notice sent to him regarding the unsecured properties.
rajeev sharma
(Expert) 26 December 2018
If the properties are transferred subsequent to issue of notice of attachment then bank may realize loan from the property
Dr J C Vashista
(Expert) 28 December 2018
The properties in the name of your father, for which documents retained at the time of loan sanctioning are liable to be attached, if the principal borrower could not repay.
After acceptance of gift the property is "yours" only, the bank/money lender can not involve in realisation of outstanding amount.
Consult a local prudent lawyer with documents for better appreciation of facts, guidance and necessary proceeding.
