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JollyGud (Employee)     20 August 2014

Bank threatens me - father's debt son liability

Hello Law Experts,

I am 30 yr old married young IT professional (no kids yet) . My father had borrowed money from several places , including banks for wrong reasons (Gambling, liquor )  and i was told  the debts are worth around 1 crore 20 lakhs rupees today. Now the bank is coming after his property (a house registered on my mother’s name worth 60 lakhs) .

My dad made several debts for all the wrong purposes ( his Gambling (pekata),liquor), Extravagant Luxurious life etc..) . We are not asking father to give a single penny as property to me...We just don't want to be held responsible for his debts.......We are  just worried that if this is not the end of his debts...and he continues to borrow more from wherever possible, to how much and to what extent are we held responsible? Again I am not complaining that my father is bad or something, it's just his friends circle, influenced by them,. And so on so forth that landed him up in this situation...
The house is my father's own. It is not ancestral property. The house was bought in 2005 for 13 lakhs, when he was all in good condition and today's value has risen to 60 lakhs. During these past 9 yrs he has changed tremendously and got involved in all bad habits, wrong friends circles that landed him in debts...... I definitely agree  that it is up to him to enjoy, he has full rights on it and we(all 3 children) are not denying that . 
But now the Bank is threatening to take away even my (Son's) properties as well. I have 3 plots worth Rs. 1 crore today. This is my hard earned money ( i work as a software engineer in USA) and I borrowed money from banks paid EMI's  every month from 2007 till 2013 and cleared off my bank loans using my Salary alone.  
Please advice what i should do in advance before they sieze my(Son's) property  as well for father's debts.


 3 Replies

Biswanath Roy (Advocate)     20 August 2014

Have you any proof of threatening by Bank? What is the mode of such threatening  over phone or by any letter? Let me know by return to give you appropriate advise.

My E-mail-

1 Like

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     20 August 2014

If your father is alive and you have not signed any documents as, say, a surety it is entirely for your father to settle his debts. Only you have to be careful that your father does not, through some misrepresentation, get you also involved. Though such an action on the part of your father may be fraudulent unnecessarily you will have to fight.

1 Like

T. Kalaiselvan, Advocate (Advocate)     25 August 2014

The bank or anyone cannot seize your property until you have signed as a surety or co-applicant to the loans availed by your father.  The bankers cannot take away the property on your mother also since she also never stood as a guarantor to your father for his loan.  Let the bank take action, you challenge the case appropriately in the court.   Preserve the records of threats issued by bankers in this regard and initiate proper legal action against them if they do not stop indulging into such illegal acts against you.

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