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srinivas (shop owner)     21 December 2012

Money recovery suit - need advice

The borrower (my relative) took the loan from a bank by securing his wife's and his father's property and he coudn't repay that loan to bank on time. Since he couldn't pay the loan to the bank, the bank was about to auction above secured properties. He  and his wife approched me for help and they promised to sell the above properties to me if I pay the amount to bank. The bank also agreed that once the loan is paid off they surrender the property documents (title deeds) to me. I paid his loan to bank and bank gave the propery documents to me. The borrower also wrote six promissory notes to me (each one 10 lakhs) with 2% interest per month. Three years passed, the borrower never paid interest and money to me.

I filed money recovery suit on borrower (my relative) 90 days ago and court gave the attachment on his wife's and his father's property. I have following concerns and need your kind help.

1. The borrower's lawyer has postponed the hearings three times intentionally saying he need more time to respond. How long court can postpone my case?

2. Since the attachments are on borrower wife's and father's property, can his wife and father object/fight on these attachments.

3. If we get a decree, how court will recover the money. All his properties are on wife's name and his father's name.

 



Learning

 1 Replies

Chetan Joshi (Advisory/Advocacy)     22 December 2012

1. It should not go for longer than few more, the thing is that the judge feels justified in giving a date...Put your point forward on the next date..

 

2. They do not have a ground to fight as it was consented.

 

3.Probably Sell...

 

 

Regards

 

Chetan(dot)7679(at)gmail(dot)com


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