Legal Question in Credit and Debt Law in India

To Mr Vivek Mapara for his response on 22/12/2015

Sir Regarding my question about the liability of grand children you had answered as per below:

Since the actual liability was of Grandfather, neither the sons, daughters, or grand children are ever personally liable to satisfy any claim / liability / debts of the grandfather. All that these heirs are liability is only in respect of the estate inherited by them from grandfather. The personal property will not be liable at all."

NOw that they have got notice from Recovery Officer DRT what should they Do? Can they ask that the DRT should auction the property and realise the dues ?

Hope if there is a shortfall they should not suffer as they are not personally liable.Kindly advise

Regards BM


Asked on 12/22/15, 6:29 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

22.12.2015

Repeat query. Already answered. Any further advice or guidance will be rendered only on payment.

Read more
Answered on 12/22/15, 7:45 am
Vivek Mapara Vivek N. Mapara

Sir

Since notice is already issued, they need to appear before the RO. If all heirs have no objection to auction the property of grandfather, then they can certainly ask the RO to go ahead with the Auction. Normally, DRT conducted auction proceedings do no fetch optimum price, so you can also make an application to the RO for private sale, wherein you can bring a higher purchase, and get the claim satisfied.

If however, there is shortfall, then heirs are not personally liability to make good such deficit. One more aspect, i have advised you without perusing the Decree "Recovery Certificate" of DRT. So, my response is subject to the liability held in the RC .

Feel free to contact should you have any questions.

Regards

Vivek N Mapara

vnmlaws.com

Read more
Answered on 12/23/15, 3:54 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in India