90,000+ Legal Questions Answered
Debt and repayment
3 years ago
My fiancé's father had a business in Thrissur, Kerala. 3 years ago he suffered major losses and was arrested for non payment of loans. The court seized their land and property and now he has filed for insolvency. His insolvency application is accepted and therefore the court case against him has been stayed. He still has an unpaid loan amounting to 6 crore rupees from various local moneylenders. My fiancé is not a signitary to any loan and he was not a part of the business. Currently he is a salaried professional and he does not plan to repay his father's debt. After marriage we plan to move abroad. Will he or us have be liable to repay his father's debt in the future?
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
As per the insolvency process only the debtor is liable to pay the loans accrued. Your fiance cannot be made liable for the loan of his father.
As per the insolvency process only the debtor is liable to pay the loans accrued. Your fiance cannot be made liable for the loan of his father.
Helpful
Helpful
Share
A.Hi,
As per the insolvency process only the debtor is liable to pay the loans accrued. Your fiance cannot be made liable for the loan of his father.
As per the insolvency process only the debtor is liable to pay the loans accrued. Your fiance cannot be made liable for the loan of his father.
Helpful
Helpful
Share
A.Dear Sir,
Son is not liable to pay father’s debt.
Rate me Five Star*
Son is not liable to pay father’s debt.
Rate me Five Star*
Helpful
Helpful
Share
Read Related Answers
Under the Provincial Insolvency Act 1920
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file a petition for bankruptcy if you are unable to repay a debt greater than â‚ą500. After anal...
Repayment of loans and credit cards
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than â‚ą500. After analyzing wheth...
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
For bank loan
Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location