Legal Question in Credit and Debt Law in India

Hi,

I (along with other partners) had formed a partnership firm in early eighties. The firm had taken a loan from a bank of Rs. 9 lakhs. Then, one of the partners was responsible for fraud involving forgery, opening a bank account with another bank and transferring money involving forgery, selling hypothicated inventory involving forgery and other fraudulent activities. All these fraudulent activitied were brought to the financing bank's notice time and again. This fraud amounts to around Rs. 6 lakhs. When the case was filed in the appropriate court and bank was also made party to it. I had given in writing to the bank agreeing to pay the difference ( 9 - 6 = Rs. 3 lakhs ) on decision of the case.

The case was decided in favour of the Bank few years back in the district court deciding a decree of 39 lakhs. Immediately I have appealed to the high court. The case is going on in the High Court.

Now the bank has securitised the loan (decree) for Rs. 2 crores.

Is the securitisation valid? What remedy can I ask for?


Asked on 7/24/09, 2:46 pm

1 Answer from Attorneys
KAMAL GROVER

Your case is pending in which high court plz explain. Further bank has right under securitised act, coz you are at fault. If you noticed the fraud of your partner then you are responsible for his fraud and you should have register an fir against that partner and then inform the bank. Then you would be secured but now it is little bit tough. plz show us your file then we may suggest you right way.

For More detail, you may contact to the undersigned;

Mr. Kamal Grover,

Advocate (India)

M: 09814110005

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Answered on 7/24/09, 2:55 pm


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