Legal Question in Credit and Debt Law in India

Attachment of property not belonging to the defendant.

Sir,

In my case, my dad and me are the directors of the defaulting company and the case is sub-judice. However, in the mean time, the Hon'ble DRT has sent a notice to attach my residence which belongs to my mother and grandmother.Neither me nor my dad have any charge on the said property and we are not staying there too. My question now is what should be the next step for my mom and grandmom in order to secure the said property.

At this stage i must mention that neither me nor my dad stay in this particular property currently.

Secodnly, we wish to settle our dues with the canara bank by way of a one time settlement but do not know the procedure for the same.


Asked on 8/23/06, 2:35 am

1 Answer from Attorneys
Nand Kishore NK Associates

Re: Attachment of property not belonging to the defendant.

Your mother and grandmother must move the DRT against the attachment order and file their objections and make the position clear in the matter.

If you wish to settle you dues with the Bank you need to apply to the Bank and ask for the one time settlement amount. After negotiating with the Bank on the OTS amount, you and the bank must move the DRT for compromise.

For more info we need to look into the documents

regards

Read more
Answered on 8/23/06, 3:20 am


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