Legal Question in Credit and Debt Law in India

I need a procedure/help to get away from my father�s debt. Kindly suggest me necessary way.

I have already cleared all the valid promissory notes/bonds to date that my father owe. However, now, I came to know that, many outdated bonds are still prevailing with few people. It seems, I may get problem with them during my sister marriage. They may come and shout at my father using bad words. I have to get rid of this problem.

I came to know that, my father have paid thrice the interest for each principal amount. I asked my father to lodge a blackmail complaint against those fellows, you have outdated bonds. But he denies and evens more, accepts to repay them the principal amount.

I thought of taking legal action against my father himself, but, my sister requires him for her marriage to be done in same community in a respectable way. My mother cannot go for divorce at this age and it will surely affect my sister married life also.

I have decided to pay the debtors something that may or may not agree for the expired bonds. For instance, I am willing to pay INR 10,000/- for an INR one Lakh rupees promissory note. I would like to know that, is my decision lawful.

Kindly, suggest me, what I have to do to adamant debtors who do not agree to take my quote for expired bonds and even get ready to do some nuisance/problem. How to stop them?


Asked on 11/28/14, 7:37 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

29.11.2014

Dear Sir / Madam,

The problem lies with your father. Let him keep attending to all those people to whom he has issued promissory notes. You simply keep yourself out of the issue. Your father alone has to pay the price for all his misdeeds. If those people approach you for settlement, tell them that they should sort out the matter with your father and not with you.

Regards,

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Answered on 11/29/14, 2:58 am


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