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urgent sir pls help

(Querist) 01 June 2011 This query is : Resolved 
MY FATHER CONTRACTED WITH DEBT IN YEAR 2000 AND UNDER PIOS OBLIGATION I SON I HAVE TO PAY BUT MY QUESTION WHETHER MY PERSONAL ASSET WHICH I EARNED BY DOING JOB THAT IS MY HOUSE IS ALSO LIABLE FOR PAYMENT DEBT WAS OF YEAR 2000 I AM CA WORKING IN INDUSTRY AND I AM MARRIED WITH KIDS .WHETHER I HAVE TO FACE CRIMINAL TRIAL IF DEBT COULDNOT RECOVEREDFULLY IN CASE OF INSUFFICIENT ASSETS.PLS REFER ME SECTIONS ,ACT, ANY CASE LAW.I AM VERY AFRAID SIR.PLS HELP ME.WHETHER I HAVE TO SERVE JAIL .PLS CLEAR MY QUERY SIR AS SOON AS POOSIBLE.I KNOW THERE WAS AMENDMENT IN HINDU SUCCESSION ACT IN YEAR 2005 BUT MY CASE IS OF YEAR 2000 AND DEBTS ARE BUSINESS DEBT AND BUSINESS IS CLOSED.PLS HELP SOON SIR.
prabhakar singh (Expert) 01 June 2011
YOU HAVE NOT TO PAY any PENNY
Jai Karan Nagwan (Expert) 02 June 2011
Dear Virendera, presume that debt are owe due to all legal purposes. the person/ bank who helped in the need, has done no sin that he shall be penalised for his good deed of helping your father. if everybody will try to be corner, all banks will shut down. however, in your case whether your father has taken loan from fincing institute i.e. banks, NBFC or by any other means. need to see what colletral security is given by your father for obtaining loan. who has given loan can go for recovry suit/DRT and also can take possesion of property by getting the decree through inslovancy Act.

all are situational answer, but you need to brief your case little more for better advise from the experts.
virendermahajan (Querist) 02 June 2011
MY POINT WAS SIR THAT IF FATHER ASSET ARE SOLD OUT THEN UNDER PIOS OBLIGATION SON PERSONAL ASSET WILL BE SOLD SINCE DEBT IS PRIVATE DEBT AND CASE IS STILL PENDING AND DEBT IS PRIOR TO YEAR 2005 THAT IS YEAR 2000 PRIOR TO AMENDMENT IN HINDU SUCCESSION ACT .THEN SIR WHAT ACTION CAN BE TAKEN ON SON IF HIS PERSONALASSET IS INSUFFICIEENT FOR PAYMENT OF FATHER DEBT .I AM VERY AFRAID I AM UNABLE TO FOCUS ON JOB SIR.THANKS IN ADVANCE SIR .BUSINESS WAS TRADING CONCERN LIQUIR BUSINESS AND PAYMENT TO CREDITOR SIR.I WILL BE VERY THANKFUL TO U IN MY WHOLE LIFE SIR.PLS HELP SIR.
virendermahajan (Querist) 02 June 2011
i am very afraid of jail sir afraid of carreer of my kids sir.pls explain me about civil and criminal proceeding sir.
prabhakar singh (Expert) 02 June 2011
YOU SAY YOU ARE C A THEN WHY DO NOT YOU POST FACTS NEATLY SO THAT A NEAT ANSWER CAN BECOME POSSIBLE AND PROVE USEFUL TO YOU.
prabhakar singh (Expert) 02 June 2011
YOU SAY YOU ARE C A THEN WHY DO NOT YOU POST FACTS NEATLY SO THAT A NEAT ANSWER CAN BECOME POSSIBLE AND PROVE USEFUL TO YOU.
prabhakar singh (Expert) 02 June 2011
THINGS CLEAR TO ME ARE THAT
1)YOUR FATHER IS DEBTOR
2)THE DEBT WAS FOR BUSINESS
3)DEBT WAS TAKEN IN YEAR2000
4)YOUR FATHER IS NO MORE

FURTHER FACTS DESIRED BY ME ARE:
1)WHO IS CREDITOR?
2)IS THE LOAN SECURED BY SOME PROPERTY MORTGAGE ETC.?
3)IS THERE ANY SUIT FILED FOR REALISATION OF DEBT?
4)IF YES THEN DATE OF FILING OF THE SUIT?
5)WAS THE SUIT FILED AGAINST YOUR FATHER?OR IT WAS FILLED AGAINST YOU DIRECTLY OR AGAINST BOTH OR YOU HAVE BEEN SUBSTITUTED AS PARTY AFTER DEATH OF YOUR FATHER?
6)IS THE SUIT STILL PENDING?
7)IF YES, STAGE OF THE SUIT?
8)IF DECIDED THEN DATE OF JUDGEMENT?
9)ANY APPEAL PENDING,IF SUIT DECIDED?
10)SUIT DECREED OR DISMISSED.
virendermahajan (Querist) 02 June 2011
DEAR SIR,
PAYMENT WAS TO BE MADE BY MY FATHER SOLEPROPRIETORCONCERN TOCOMPANY,
IT IS REGULAR BUSINESS PAYMENT ,MY FATHER WAS IN LIQUIR BUSINESS WHICH WAS SOLE PROPRIETOR SHIP CONCERN, BUSINESS IS CLOSED,THESE TRANSACTIONS WAS UNSECURED.TRANSACTIONS ARE LIKE PURCHASE OF ALCHOHAL LIQUER FROM COMPANY,YAH SUIT IS FILED AGAINST MY FATHER WHO IS ALIVE,SUIT WAS FILED IN YEAR 2003 , SUIT IS PENDING SIR.ONE THING I CAME TO KNOW THAT BLANK CHEQUES WAS GIVEN AS SECURITY AND WHICH WAS FILLED AND WHICH BOUNCED AND CASE AGAINST MY FATHER IS OF SEC138.MY POINT IS AS MY FATHER IS ALIVE AND WITH INSUFFICIENT ASSETS AND I OWE ONE PERSONAL HOUSE IN MY NAME AND IN CASE OF RECOVERY WHETHER DEBT WILLBE RECOVERED BY SALE OF MY HOUSE UNDER PIOS OBLIGATION AND IF DEBTS ARE NOT RECOVERED FULLY FROM MY FATHER AND MY ASSET WHAT ACTION ON ME PLEASE CLEAR BY SECTION .
virendermahajan (Querist) 02 June 2011
ALSO CLEAR WHICH ACT APPLIES FOR PIOUS DUTY AND WHAT IS EXTENT OF OBLIGATION OF SON IN CASE DEBT EXCEED SON ASSET .AND WHAT ACTION ON SON .I AM AFRAID ON THIS MATTER I AM NOT ABLE TO FOCUS ON MY JOB AND IT IS AFFECTING MY CARREER.PLS HELP RESPECTED SIR.
virendermahajan (Querist) 02 June 2011
I HAVE FEAR OF JAIL SIR
Advocate. Arunagiri (Expert) 02 June 2011
If you are very much afraid of the jail, immediately meet a local advocate along with your papers available and get a legal opinion.
Guest (Expert) 06 June 2011
If you are not a guarantor to the loan, your father has not made any agreement which may state that the creditors would be able to recover the debt from hiers also, I don't think recovery can be affected out of your personal assets earned through your personal income.

However, to be sure you may need to vsit some reputed local lawyer to discuss the case in detail and hire his services.


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