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Rahul (Job)     01 January 2015

Bankrupt loan due for expired person - seal property

Hello,

Thanks for visiting my question. My question will take some your time to understand, 15-18 years before one person (ABC ) has taken loan from XYZ bank ( not a government bank ) which got bankrupt since last 12 years or may be more than that. Now few liquidator (officers ) from that bank trying to recover loan from that person. Person who took a loan ( for business - on company name ) , that company is not present and person is also died. Now 2 person who were involved in this loan as security who have signed as security person - one is ABC's mother in law and another is ABC's cousin brother and both are died as well. Now these liquidator some how find the address of person ( Vinod ) who is son of ABC's mother in law.  Vinod is from lower middle class person doing job and hardly earns 10000 and has his own house ( come naturally after death of his mother - ABC's mother in law ). This bank officers are trying to recover loan from Vinod who is not capable enough. Since they are trying last 2 years and now they giving final threatening Vinod that we will mortgage your house if you don't pay all loan. I wanted to know that is it possible that bank people can mortgage in this case legally ?  Vinod is my friend . Just asking on behalf of him. Also will tell you the amount n details of how much money they are asking to repay n all that. Just need to understand from legal point of view is it possible that they can mortgage the house if in worst case he won't be able to repay the loan. There were already many discussion happen between Vinod and Officers and he also paid few amount in cash to Bank officer. Can you please tell me ? also once I get a reply if possible will try to contact you on phone than it will give you clarity on matter which I M not able to note down here. Thanks a lot for reading this long note. Thanks. 



Learning

 5 Replies

adv.raghavan (Advocate,9444674980)     01 January 2015

There is no need for Vinod to entertain these bank people or collection people, only his mother stood guarantee for a loan, and you are not clear whether she had extended the above said house as additional security, if the answer is affirmative then they can proceed with mortgage process, if it is negative, they cannot do anything without following due process of law. If they are threatening Vinod, lodge a complaint against the concerned collection people making bank as a party to it.

Q Slinger (NA)     01 January 2015

They have no stanging. If the collectors continue to harass viod, ask him to approach police.

Rahul (Job)     01 January 2015

Thanks a lot for your reply Adv Raghvan sir & Slinger. 

No Vinod's mother has not add her house in security. 

But In Ahmedabad , we have asked many people around and they said now rules are changed and they can mortgage. IF Vinod will loadge complain against these officers and if they can mortgage then they will definately mortgage. Now they are also willing to do settlements. But I m not sure what is right proceeding. Thanks a lot for your reply. so are you 100% sure about this legal advice whatever you have given ? if this is the case then Vinod will lodge a complain against them. 

Rahul (Job)     01 January 2015

And yeah it is a mercantile bank. please tell me is there any law change ? Thanks a lot 

adv.raghavan (Advocate,9444674980)     02 January 2015

I said earlier THEY CANNOT DO ANYTHING WITHOUT FOLLOWING DUE PROCESS OF LAW, it means Mr.vinod will be given sufficient opportunity to defend his case. so he need not worry about that, it cannot be decided ignoring him. Coming to the main aspect whether bank can coerce some body to clear dues, is not acceptable, in this regard you can lodge a police complaint. Nothing more to add, i wish u all the best.


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