Legal Question in Securities Law in India
My family has been personal gaurantors in a Pvt Ltd company which is running into losses and has been served secrutisation notice by the bank. As my father is also the gaurantor in personal capacity, he has gifted the our current residential house to my son who is a minor. I am also a gaurantor in the business. Can the bank attach the property gifted to minor. how can i safegaurd the house we live in.
Asked on 8/26/10, 3:18 am
1 Answer from Attorneys
Vishwa Arya
Arya & Co.
bank has a right to attach the property of the guarantor. if the particular property was under lien, then gifting the property after lien will not help
Answered on 8/29/10, 8:38 am
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