Dear law experts

Querist : Anonymous (Querist) 31 August 2011 This query is : Resolved
MY FRIEND FATHER WAS IN BUSINESS DUE TO LOSSES HIS BUSINESS CLOSED DOWN IN YEAR 2002.AFTER CLOSURE THERE WAS DEBT PENDING OF RS 90LCS.DEBT WAS TOWARD UNSECURED CREDITORS.MY FRND FATHER HAD ONE HOUSE THAT IS SELFACQUIRED MKT VALUE 25LCS AND UNDIVIDED JOINT HOUSE MKTVALUE 1OLCS.MY FRND WORKING IN A COMPANY EARNING 20000PM HAS ONLY2LCS BANK BALANCE AND A SELF ACQUIRED LAND MKT VALUE5LACS.MY FRND FATHER IS NO MORE.A CASE WAS FILED ON MYFRND WHICH IS PENDING CIVIL SUITS.MY FRND CONTACTED WAS AFRAID ABOUT THIS MATTER.HE WANTED TO KNOW WHETHER HIS PERSONAL ASSETS SELF ACQUIRED IS LIABLE TO BE USED AS PER LAW TO HONOUR DEBT OF FATHER.AND WHAT ACTION CAN BE TAKEN ON HIM AS DEBT CANT BE HONOURED FULLY .WHETHER THERE IS JAIL IF DONT HONOUR WHOLE DEBT OF FATHER DUE TO INSUFICIENT FUNDS.I AM CA SIR I READ FROM NET A ARTICLE ON HINDULAW AND CPC50,52,53.I CAME TO CONCLUSION THAT ONLYHIS FATHER SELF ACQUIRED PROPERTY CANBE ATTACHED AND HIS AND HIS FATHER SHARE IN JOINT(ANCESTRAL PROPERTY CAN BE ATTACHED ONLY)DUE TO PIOUS OBLIGATION OF SON.BUT SON PERSONAL ASSETS CANT BE ATTACHED DUE TO PIOUS OBLIGATION.MY FRND IS AFRAID AS MARRIED PLS ADVICE IF HE IS UNABLE TO HONOUR FULL DEBT THEN WHAT ACTION AS PER LAW DUE TO INSUFICIENT FUNDS ON SON JAILETC.REGARDS

Follow Query

Report Abuse

Querist : Anonymous (Querist) 31 August 2011
DEBT PENDING OF YR 2000

Querist : Anonymous (Querist) 31 August 2011
HINDU LAW WAS MODIFIED BY SUPREME COURT JUDGEMENTS.THIS IS PRIOR TO AMENDMENT IN 2005

ajay sethi (Expert) 31 August 2011
1)you have stated that total outstanding debt of your friend father was 90 lakhs and that only assets he had was self acquired property of rs 25 lakhs .
2) your friend father is no more and suit has been filed against you .
3) you shall be liable only to the extent of property that you have inherited of your father .
4) your personal assets cannot be used for recovery of father outstanding dues
5)as far as ancestral property is concerned you are under pious obligation to pay off your father debts to extent of share in ancestral property

prabhakar singh (Expert) 31 August 2011
THE DEBT IS ENFORCEABLE AGAINST WHOLE OF "SELF ACQUIRED MKT VALUE 25 LCS" AND IN "UNDIVIDED JOINT HOUSE MKTVALUE 1O LCS" TO THE EXTENT OF SHARE OF HIS FATHER AS WELL AS HIS SHARE IN IT.

AND HIS PERSONAL INCOME EARNING 20000PM HAS ONLY2LCS BANK BALANCE AND A SELF ACQUIRED LAND MKT VALUE 5LACS OR WHATEVER HE CREATES ON HIS OWN IN FUTURE "can not be proceeded against at all"

HE CAN NOT BE SUBJECTED TO JAIL AT ANY COST.

M/s. Y-not legal services (Expert) 31 August 2011
Am also agree with both expert's opinion

Querist : Anonymous (Querist) 31 August 2011
thank u sir for quick answer. regards

Kiran Kumar (Expert) 31 August 2011
precisely advised by Mr. Sethi

Raj Kumar Makkad (Expert) 31 August 2011
Debt has become time barred as it pertains to your 2000. This debt is not recoverable as per law of limitation so no question of recovery out of any asset either left by father of your friend or his self acquired. Your assumption under pious obligation is correct.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries