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Mohan Duraisamy (Software Engg)     27 October 2015

Property sold without paying debt

Dear All, One of relative got 2 lakhs from out finance company 2 years ago. We have bond/agreement for that. Now he has sold all his property without informing us and says he cannot refund the money that he got from us. Is any way legally to get money back from him ? Please advice. Thanks, Mohan


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 3 Replies

R Siva Subramanian (Advocate)     27 October 2015

You can file a suit against recovery of loan.  If the bond/agreement is having a binding clause about the property, you can even lodge a criminal complaint against him, since he has sold the property without repaying your debts.

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Mohan Duraisamy (Software Engg)     27 October 2015

Thanks for the advice. Bond does not any clause about the property. It is just a standard bond and just says he received 2 lkahs from us. Is it possible to cancel his propery sold ? After the sell, Before when we have to file a suit ? Thanks, Mohan

T. Kalaiselvan, Advocate (Advocate)     01 November 2015

You should file a money recovery suit immediately before the time of three years lapses from the date of loan.  If he has sold  the property you cannot do anything about it because he has not pledged the property for the purpose of loan neither he has  submitted the original documents as collateral security for the purpose of loan.  You may look for some other property in his name for attaching the  same before judgement in the money recovery suit or you can include this property itself  as if you are not aware of the sale of this property, let him come out with the fact to the court once he has been summoned. 

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