Legal Question in Bankruptcy in India
Greetings.I am a medical professional.My father and my brother incurred extremly huge losses in the business they ran in which I had no association what so ever. As a result they sold all the undivided properties which were in my father's name to settle large portion of debts. As still more debts remained they filed insolvency. I have never been associated with their business/financial dealings in any manner as guarantor or co-signator or otherwise. One of the creditors has pleaded in the court that the dues should be recovered from me from my professional earnings. Am I legally responsible in this case? Please take time to reply.
2 Answers from Attorneys
You are not liable to repay. However if there is any inheritance/ pass through from our parents then that estate is liable.
Please read my answer as below:
You are not liable to repay. However if there is any inheritance/ pass through from your parents then that estate is liable.
Related Questions & Answers
-
I have been given PDC's for my pending salary (I've resigned) amounting 10.5 lacs... Asked 10/28/09, 11:26 am in India Bankruptcy Law
-
This was my question a few hours ago ... "I am filing a petition for... Asked 10/27/09, 10:34 am in India Bankruptcy Law
-
I am filing a petition for Insolvency. I know that it takes a few months for thhe... Asked 10/27/09, 9:23 am in India Bankruptcy Law
-
I got insolvent from the district court for my credit card and loan dues. I am not... Asked 10/26/09, 11:04 pm in India Bankruptcy Law
-
Court orders say, within two years time for direct discharging of liabilities.... Asked 10/26/09, 11:02 pm in India Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
