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mahima kathika   29 May 2020

sir/madam

I gave my property documents as security to get loan from private financiers to my ex-employer when the company was in severe financial crisis. he is not clearing loans and returning my docs. he is escaping.

now, I resigned my job. he just ignoring my repeated requests. is there any legal way to go. please advice....

thanking you
gowri


Learning

 6 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh)     29 May 2020

Once you have mortgaged your personal property with the financial institution on the asking of your previous employer, legally you can do nothing except to make him pleased to clear the outstanding dues otherwise you should be ready to see your said property auctioned and sold by the creditor private fiancier.

kavksatyanarayana (subregistrar/supdt.(retired))     29 May 2020

Yes.  Request him to clear the mortgaged amount in an amicable way.

P. Venu (Advocate)     30 May 2020

In which capacity you had stood offered security - as an employee or in your personal capacity?

G.L.N. Prasad (Retired employee.)     30 May 2020

Contact a local advocate and explore the possibility of showing it as a voidable contract on the basis of undue influence or making some others also as co sharers and raising your mortgage is not legal etc.,  and you can only extend the issue.  Let the lender take action and defend yourself.   But, contacting a local advocate is a must to defend and save yourself from further torture by all.

mahima kathika   30 May 2020

thank you one and all

Dr J C Vashista (Lawyer)     31 May 2020

You did not reply to the query raised by expert Mr. P Venu, whether your property documents were hypothicated by financier as borrower or guarentor ?


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