Legal Question in Credit and Debt Law in India
Dear sir/madam
i jyoti gupta, acquired some 1.2 crore loan from 5 banks in agra to purchase buses (13 no) for transport business. now the business is not doing good and we are unable to pay bank emi (since last 3 months). out standing loan must be around 60-70 lakh. banks are pressing hard for emi payments. we are in deep trouble and wish to close down the business, sale the buses and pay the banks as far as possible. but that need time to sale the buses. please help me in guiding what if bank serve notice.
also my husband is a psu employee will this affect his job and property. we own a house in my husbands name purchased from company loan. can bank recover the dues from my husband/property. what if banks sends notice.
do reply i am in deep trouble. your valuable advice can show me some light and help me recover from the trap.
1 Answer from Attorneys
both husband and wife have joint liability towards the loan even if the loan was procured by wife only. the assets owned by your husband can also be attached but it would not affect his job unless he stood guarantor for you. regarding the sale of buses, you may see if by selling off the same, you can repay the entire loan and if not, try finding other ways of running ur transport business in profit. you may see a lawyer and he would appropriately reply the notice of bank.
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