- This topic has 3 replies, 4 voices, and was last updated 1 year, 4 months ago by
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UMy father is govt servant who gave a surety signature for his colleague who runs a chitti business. (This person has taken a loan of 1cr from some chit fund company where my father along with other two colleagues signed the surety in 2016).
Now the person who has taken the loan from chit fund company is unable to repay and filed an IP for himself.
Currently chit fund company is involving the surety persons to repay and they are approaching the court to attach my dad’s salary to recover the amount
My dad was fairly unaware abt this at that time. And if the court orders in the favour of chit fund company, then my dad is suppose to pay 1/3 rd of his monthly salary till his retirement. Which sums up to 23,000 -25,000 a month. Or a lumpsum of 25-30 lakhs.
We already have running loan which has 40,000 emi every month.
(My dad signed for this person because he knew him from very beginning and this guy has also duper us 6 lakh rupees in 2016. )
Please advise how I can save my family form this.
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UFrom a purely law point of view, this is the exact point of a surety. The law may not be of help to you as such but figure out has the person gone to the DRT or DRAT, unethically you can get the matter stuck for a long time by continuously appealing but if you get an order from the court idt you’ll have much success so rather try get ahead of it and go for fraud and deception. If a person goes for bankruptcy usually there’s a moratorium where no case can be filed against the person (civil). NAL but law student giving the bar this year.
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