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 .

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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.