I gave 20 Lacs Loan to my Uncle and received promissory note. As I pressurised him to return money or face legal actions, he transferred his property as "gift settlement" to his daughter, giving nothing to his 2 sons.
I filed money recovery suit against him and he received summons. Now he has applied for insolvency, stating that he is unable to pay his debts and listed me as creditor. He did not list his property. I'm contesting the case and will try to dismiss it.
Daughter is trying to sell the property, the bonafide buyer will be protected by Law(section53 of TP act) because he is not aware of the debt of father and pending money recovery suit, and also not aware of the bad intention of father and daughter.
What is the best action to take to protect the property?
1) Can I file suit to "set aside" the fraudulent transfer to daughter under section 53 of TP act? (with intent to defeat or delay the creditor) My lawyer says, cannot file "set aside" suit before getting decree from money suite. I can file this suit ONLY after getting decree from money suite.
2) Can I seek permanent Injunction against Father and daughter, citing fraudulent transfer and filing insolvency? My lawyer says, daughter did not borrow from me, she is not party in money suite, so court will not grant injunction restraining daughter from selling her property.
3) Can I file declaration suit with injunction, to cancel the fraudulent transfer of property to daughter? How much will the court fees in Tamilnadu for Rs. 3,66,500 mentioned in the gift deed.
Please give your suggestions.
