My father who passed away in 2006 was one of the 16 directors on a credit society during the year 1990 -91. The credit society had take some finances from a co op bank in Mumbai which were given as loans to individuals as vehicle or other loans. The said credit society was liquidated in 1995 hence the individual loans were not recovered. In the year 2005 2006 the liquidator supposedly passed a decree holding the directors responsible for the disbursed loans and stated that the amount is to be recovered from the directors. In the year 2006 my father passed away. Recently in August 2011 the coop bank sent the recovery notice to us ie me and my mother that the said amount has to be repaid or your property will be attached. That was the first time we knew about the case. We dont even know whether my father was the director of the said society and whether he was directly responsible for the repayment, whether there were any colaterals taken etc.
My question is - are we liable to repay the said amount without verifying the direct involvement of my father in the case? Legally are they right in asking for the repayment after 20 years to the legal heirs? Can they legally attache our property?
