I request kind hearted learned people to help me……
I and another person started a business by entering into an unlimited liability partnership and got a loan of Rupees 10 Lakhs with Bank of India as an Unsecured Business Loan in which I and my partner signed. No securities were given for the loan.
In a few months due to personal issues with partner I went out of the partnership and his wife entered into the partnership. All done legally and registered with appropriate authorities. that person gave in writing that he would take responsibility for all the pending loans and would settle my balance capital amount also in 100 rupees bond sheets with witnesses.
But after few months I got notice from the bank stating that loan has been defaulted and only then I got to know that, that office had been closed and I could not trace the whereabouts of the person and his wife.
Now from another source I got to know that bank of india is preparing documents to frame me, my ex-partner and his wife, all three as willful defaulters.
Now my questing is, loan defaulting had happened after I got out of the partnership firm but the bank had framed me also in its charge.
- Can bank initiate criminal proceedings against me (issue of arrest warrant) ?
- Can bank initiate recovery process against me (I do not have any property in my name)?
- What are the precautions I have to take to safeguard myself from this mess?
