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Jyothisree Tenneti   11 July 2024

Can a property under house loan be attached by chit fund

i am a surety to chits , i thought the principal person paid of the chit. i never got any notices but margadarshi attached my property which is under houseloan. can they do it 

for 350000 rs c hit they put charges and attached for 1200000

when other surities are available they are saying only  i have property and so making me singley liable

 

also they attached one more plot of my father for same chit 12 years  back for which the court gave sale order but did not sell. at that time they  sued order for 290000 now made it 12 lakhs . .i moved to my own house in 2016 but working in same company. i am un married and now 53 years .they did not serve any notice to office too 

 

and  the person who put chits is my own brother . we are not aware of the developments because it is a male dominated house and we are not allowed to speak also .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Learning

 2 Replies

P. Venu (Advocate)     11 July 2024

Was the property attached by the Order of a Civil Court? If so, you would certainly  be party in the case. Engage an advocate and defend.

Moreover, provisions of Indian Chit Fund Act provides for taking security for release of prize amount. There is no provision for taking sureties from third persons.

T. Kalaiselvan, Advocate (Advocate)     11 July 2024

If the property was attached by a court without your knowledge then you have been set exparte. 

Now you have to take steps to set aside the exparte decision,  you may engage the services of an advocate in the local and proceed as suggested. 


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